Connections, a technology company listed on the Bucharest Stock Exchange (BVB), on the AeRO market, under the ticker symbol CC, closed 2025 with a record net profit of RON 35.5 million, up 301% compared to 2024.
At the end of last year, turnover reached RON 152.5 million, up 44% year-on-year. Connections fully eliminated its long-term debt and substantially reduced its financial exposure.
“2025 was the most profitable year in the company’s history and reflected both solid operational execution and the impact of our M&A strategy, implemented through the divestment of the Service Delivery division, which no longer represented a long-term pillar in our growth vision. The results achieved bring Connections into a new stage: from the status of a tech player listed on the AeRO market to that of a company whose priorities are increasing business scalability and making significant preparations for the transition to the regulated market”, says Bogdan Florea, founder and co-CEO of Connections (CC).
Connections’ Revenue Structure in 2025
Segment Revenues 2025 (RON) Revenues 2024 (RON) Share 2025
Public SW 88.829.039 42.199.099 58.2%
Private SW 24.125.348 11.525.504 15.8%
BPO 16.527.074 30.512.411 10.8%
Outsourcing 8.727.150 8.484.862 5.7%
Support 6.475.538 0 4.2%
RPA 5.030.909 6.320.705 3.3%
ITO 1.717.782 6.674.933 1.1%
Other 1.071.730 355.201 0.7%
Divestment of the Service Delivery Division and the Impact of the Transaction
The Sale and Purchase Agreement (SPA) was signed on 31 March 2025, and the transaction was completed in July 2025, following the fulfilment of the stipulated conditions precedent. The object of the transaction was the transfer of 100% of the shares in Outsourcing Support Services S.R.L., Connections Consult EOOD (Bulgaria), and Connections Consult doo Beograd-Vračar (Serbia).
The purchase price was estimated at EUR 4,500,000 and was subject to indexation conditions, while the payment structure includes a fixed component of EUR 3,250,000 paid at closing, plus a variable component of up to EUR 1,250,000, conditional upon performance achieved during the transition year (expected to be finalized in July 2026).
In the context of this transaction, Connections achieved significant financial strengthening. The company’s equity recorded a substantial increase, reaching RON 86.8 million, compared to RON 33.1 million in 2024, an evolution driven mainly by the net profit generated in 2025 and by capital restructuring operations.
As for Connections’ share capital, it increased from RON 1.33 million to RON 28.1 million, with the increase mainly driven by the recognition of an amount of approximately RON 26.7 million as part of the intra-group restructuring process associated with the transaction for the sale of the Service Delivery division.
2026: 52% Increase in Operating Result
The sale of the Service Delivery division in 2025 was based on the company’s strategic decision to focus its resources and investments on areas with higher added value.
Accordingly, for Connections, 2026 will mark the development of a more scalable and more predictable business model, with artificial intelligence and cybersecurity serving as its key growth engines.
The budget for the 2026 financial year reflects a year of transition and post-M&A consolidation. Connections estimates revenues of RON 132 million and a net profit of approximately RON 15.7 million, in the context of an approximately 52% increase in operating result compared to the level recorded in 2025.
The decline in revenues compared to 2025 is structural and expected: the absence of the major SW Public contract (RON 56.9 million), fully delivered in 2025, and the full-year impact of the divestment of the BPO/ITO division (which was present only in the first half of 2025) fully explain the difference.
On a like-for-like basis, the budgeted operating margin for 2026 (14.62%) significantly exceeds the 2025 margin (8.35%), confirming that the strategic repositioning is generating a more efficient and more profitable business.
“We see 2026 and the years ahead as a period full of opportunity. The acceleration of digitalization, new European regulations, and the rapid evolution of emerging technologies are creating a challenging environment, but one with promising opportunities and prospects. Our contract portfolio, the pipeline of opportunities in both the public and private sectors, and our continued investments in AI, cybersecurity, big data analysis, and cloud infrastructure delivery and support give us every reason to believe that the best chapter of Connections still lies ahead”, says Radu Marcu, co-CEO of the company.
The full report on Connections’ 2025 results is available HERE and on BVB.ro
