Connections announces consolidated financial results above the forecast level, performance supported by efficient execution, balance between business segments and developments in the public & private software area.
During January–June 2025, operating revenues reached RON 48.5 million, up 9% above the half-year estimates and and 3% higher than in H1/2024. Gross profit reached RON 7.1 million, marking increases of 26% above plan and 29% compared to H1/2024. This evolution reflects the company’s orientation towards higher-margin projects and the streamlining of internal processes. The gross margin improved significantly, reaching 15%, compared to 13% budgeted and 12% recorded in H1 2024, an increase that is due to both a more favorable revenue mix and the increased capacity to monetize internal skills through value-added projects.
“The results of the first half of 2025, with increases in revenue and profit above budgeted values, confirm the robustness of our business model and the agility of the Connections teams in a dynamic context. Moreover, at the beginning of the year we also managed to strategically reposition ourselves for a future in which we continue to invest in AI, big data and cybersecurity, expand our service portfolio and international development. We have a business model that is constantly evolving to create recurring and sustainable sources of income, capable of contributing to medium and long-term growth. For us, transformation is more then a word, it is an assumed process.”, Bogdan Florea, Founder and Co-CEO Connections.
The detailed financial results by business segment show a consolidation of business lines with recurring and scalable potential. The public sector software segment recorded significant growth, reaching 42% of total revenues, compared to 37% in the first half of 2024, supported by a high project conversion rate and a good delivery pace. At the same time, the Outsourcing division maintained a stable share of 9%, confirming its role as a recurring revenue channel, and the RPA segment recorded a slight increase to 3%, reflecting the continued market interest in intelligent automation solutions.
The first part of 2025 was marked by four strategic moments for the company:
Radu Marcu, Co-CEO Connections: “ We are going through a phase of accelerated maturity: sustainable growth, financial consolidation, and strategic repositioning. We are closely aligned with the real needs of the market and ready to deliver impactful innovation, while continuing to invest in our organizational culture and in motivating the people who drive us forward. The employee stock option program (SOP) reflects the trust we place in our team and its ability to directly contribute to achieving our ambitious goals.”
Outlook until the end of 2025
Connections maintains its full-year revenue growth target of approximately 20% for 2025, supported by operational discipline and continued investments in AI, big data, and cybersecurity. In the second half of the year, an acceleration in the delivery of recently won contracts is expected—particularly in the public software segment.
Starting with H2/2025, revenues will no longer include the BPO and ITO business lines, which have been earmarked for sale in line with the company’s strategy to focus on high value-added activities capable of delivering accelerated growth and higher returns.
You can open the full report on Connections’ Results for H1/2025 here.