Digital Infrastructure 2025

This pillar currently includes 3 companies that provide complex IT&C solutions to clients from the corporate, large corporate, enterprise and public sector segments across the country as well as abroad (especially in CEE).

The solutions offered range from physical communications infrastructure, perimeter security, video systems, digital signage systems, computing and printing systems, and continue with the design and implementation of complex IT architectures such as data center/hybrid or cloud environments, enterprise networking, cyber security platforms and the implementation of related software platforms, including collaboration platforms (modern workplace type).

The companies currently part of this pillar are:

• • Dendrio Solutions SRL (CUI 11973883), 96.501% owned by Bittnet Systems, is the only multi-cloud integrator in Romania, certified at the highest standards by the main international technology vendors and the company that consolidates the IT&C integration activities originating from Bittnet, Gecad Net and Crescendo.
  • Dendrio Innovations SRL (formerly Dataware Consulting SRL) (CUI 27895927) is 100% owned by Dendrio Solutions. The company implements technological solutions such as data networks, block & file storage, storage area networks, disaster recovery and business continuity solutions, forensic software and security solutions. The company has partnerships with major producers such as Fujitsu, Cisco, Brocade and M-Files. Dataware provides IT services starting from consultancy, analysis and design to implementation, support and testing, especially for complex projects.
  • Dendrio Technology (formerly Top Tech SRL) (CUI 2114184), 100% owned by Dendrio Solutions, is a company with a 30-year history, integrating IT infrastructures (communications, data processing, physical security systems) from vendors such as Dell, HP, Xerox or Microsoft, with regional presence and branches in the main cities of Transylvania and Banat. At the end of 2024, Dendrio Technology absorbed its sister company 2Net Computer from Brașov, considering the profile of the two companies and the geography in which they operate.

As one of the largest IT&C integrators in Romania (according to Ziarul Financiar), Dendrio – the brand under which the entire digital infrastructure cluster of Bittnet Group operates – is built on three main pillars:

• • Large, significant, nationwide projects: these are strategic, market reference projects delivered by large teams and involving high complexity. Beneficiaries are highly mature organizations in terms of internal IT resources and expectations from selected suppliers. Technical know-how, the ability to manage challenging deadlines and project risk management capabilities are mandatory.
  • Medium-sized projects: targeting private companies and local public sector entities. Although these projects can have high complexity (similar to strategic ones), the main challenge is delivering a high number of projects in parallel. Organizational efficiency, resource planning and mobility play a critical role in achieving economies of scale.
  • Innovative projects: projects where we implement new technologies for the first time. These require permanent collaboration between technology vendors and our teams. Technological depth, commitment to completion and passion for technology make the difference between success and failure.

As in previous years, the business generated by the Dendrio cluster represents the largest share of the group’s total revenues (approximately 87% in 2025).

The Digital Infrastructure pillar was the most affected by the generalized economic slowdown in the first half of 2025.

From a broader perspective, 2025 was rather unpredictable for Dendrio: the regional and local context created a wait-and-see effect in the Romanian IT market. This postponement effect manifested differently across customer segments and project types implemented by Dendrio.

From the perspective of Dendrio’s three development pillars, 2025 was a year of contrasts:

• • • In Q4 2025 we delivered one of the largest integration projects in Romania – part of a framework agreement;
    • Revenue from these large nationwide projects increased by 25% compared to 2024 – the best year in Dendrio’s history.
    • On the other hand, the private sector (as well as Local Public Sector entities) reacted very quickly to the instability in the first part of the year (late budget approvals and fiscal corrective measures particularly affecting the private sector), compounded by regional and global instability. In this context, project volume delivered to this segment decreased by over 40% compared to 2024.
    • Private companies significantly reduced investments in innovative projects as well, focusing (a trend we believe will continue in 2026) on reducing operational costs.
    • Another aspect to mention – business seasonality: While Dendrio’s “classic” seasonality meant 40% of revenues in the first 6 months and 60% in the second semester (2023, 2024), this was replaced by an atypical revenue structure: companies in the cluster generated 22% of annual revenues in the first 6 months and 78% in the second half, especially in Q4 (mainly driven by expansion of large projects combined with contraction of medium-sized projects). In this context, the last quarter contributed 62% of annual revenues.
    • Finally, pressure on the business environment led to a significant increase in competitive intensity. The emergence of new players in the IT&C integration segment resulted in a reduction of operating margins by almost 4 percentage points.

Although we managed to maintain annual revenue at levels similar to 2024 – the best year in Dendrio’s history – gross margin and operating profit decreased significantly, leading to a negative net profit for Dendrio.

Operational / Structure

We aim to continuously optimize the way we operate the integration structure; therefore, amid market pressure on Dendrio’s margins, we implemented a fixed cost reduction plan.

Although this optimization may seem modest in the current economic context, we believe the Romanian IT&C market will experience growth in the coming years – primarily driven by the implementation of infrastructure required for AI projects and securing them – which is why we decided to strengthen sales and presales teams while maintaining a top-tier technical team. In the long term, companies investing in performance improvement and eliminating inefficiencies will make the difference in the market.

From an operational standpoint, the integration cluster already operates under a unified brand (Dendrio) with a unified management and operating structure.

At the end of 2025, Dendrio – through Dendrio Technology – obtained ANRE (National Energy Regulatory Authority) type A and type B certifications required for the design and implementation of electrical power supply systems, thus opening the opportunity to complement IT&C infrastructure projects with energy supply projects.

Business

Maintaining a growth perspective for the coming years, even amid operational efficiency measures, we continued investing in sustained market communication – organizing over 30 national events together with technology partners. Among them, the largest Dendrio-branded event, Transilvania IT Forum, attracted over 220 participants.

In 2025 we continued delivering an impressive number of projects. Although down 11% compared to 2024 (comparison made excluding Optimizor, which exited the consolidation perimeter during 2025), we successfully delivered 8,800 projects for over 1,800 clients.

In 2025 we also delivered a first nationwide large-scale project in the area of complex AI system implementation, while laying the foundation for a new project to be delivered in 2026.

At the end of 2025, we delivered the first large-scale project to a financial banking company in the Republic of Moldova. We continued development in this direction, currently having two active colleagues and pursuing accelerated expansion in the Republic of Moldova.