{"id":27761,"date":"2026-02-27T11:50:55","date_gmt":"2026-02-27T09:50:55","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?page_id=27761"},"modified":"2026-03-02T12:30:19","modified_gmt":"2026-03-02T10:30:19","slug":"q4-2025","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q4-2025\/","title":{"rendered":"(EN) 2025 Q4 BNET Report 2025 – Letter from the CEO"},"content":{"rendered":"
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We are making the Annual Preliminary Financial Results BNET 2025<\/strong>\u00a0available to investors as a web page that is easy to follow and navigate. We are waiting for everyone’s feedback at the e-mail address investors@bittnet.ro<\/a><\/strong>. Thank you!<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>

Letter from the CEO<\/h1>\n<\/div><\/div>
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In 2025, our group achieved consolidated revenues of 394 million ron, -2% compared to previous year. Gross margin was 61 million ron, -17% compared to 2024, and EBITDA recorded a value of 11.7 million ron, half the value in 2024, which leads to an operating profit of +1.6 million ron compared to +12.6 million in 2024.<\/h4>\n

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The financial result is a loss of -7.1 million ron, which includes, as in previous years, mark to market adjustments of our holding in Softbinator shares, amounting to -2 million ron, as well as -1 million ron FX differences. Thus, the consolidated gross result of the Bittnet group, at the end of the year, is a loss of -5.9 million ron, while the net loss was -5.2 million ron.<\/h4>\n<\/div><\/div>
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Last year was undoubtedly one of the most difficult years in our history. It was a year of external pressures, postponed decisions and budgets, and high volatility in both the IT&C sector and the entire national economy. In the first half of the year, the prolonged electoral cycle, the instability caused by the negotiations for the formation of a new governing coalition, discussions on the sovereign rating, and delays in the implementation of projects with PNRR financing, contributed to a sudden stop in investments, as well as significant fluctuations felt at the economy level: from pressures on the exchange rate to increasing costs of capital and reluctance to obtain financing for new projects development.<\/p>\n

All these elements contributed to the postponement in signing of new contracts, delays in procedures already started, and payment delays for projects already delivered, directly affecting both revenues and the balance sheet. The good news is that these delays did not turn into cancellations and starting with the third quarter we observed a gradual \u2018defreezing\u2019 and a resumption of investment plans, both in the public and private sectors.<\/p>\n

Thus, the usual seasonality in our activity was even more pronounced than in previous years: if historically the 4th quarter brought approximately a third of revenue and gross margin, in 2025 major deliveries moved to the final part of the year, with the 4th quarter representing 56% of the year’s revenues.<\/p>\n

In the first half, consolidated revenues were significantly affected, and operating results reflected the inelasticity of fixed expenses, generating an operating loss of 12.2 million ron. In contrast, the second half generated margins similar to previous years, which combined with the fixed cost reduction that we implemented, led to an operating profit in H2 of almost 14 million ron. In other words, if we had had a first H1 just similar to the previous ones, the operating profitability would have been in line with the planned one.<\/p>\n

Of course, that’s not how things work, and the result for the year records the lowest operating profit since we’ve been on the main market, equal to that of 2015 when we were a company with revenues of 10 million ron. On the other hand, the good news is that significant fixed cost reductions, combined with postponing projects, and not canceling them, lead us at the beginning of 2026 to the largest sales pipeline in history \u2013 over 500 million ron \u2013 combined with a fixed cost structure even lower than that of 2023.<\/p>\n

We intend to continue measures to optimize the business structure, not just as reactions to the specific economic context of 2025, but as a continuous process of making the organization more agile, more disciplined and more profitable in the long term.<\/p>\n

Beyond the pipeline, we continue to have a significant backlog component, across all business lines. Some of the signed contracts were announced through the BSE news feeds, in accordance with capital market regulations:<\/p>\n