- Profitable Growth at Scale: Group H1 2026 revenue increased by 40% to EUR 360 million, while adjusted EBITDA grew by 40% to EUR 40 million in the same period.
- Capitalizing on Structural Growth Opportunities: Future Food is now the Group's largest vertical, driven by strong growth at Mlinar and Panvita, alongside further investment and preparations for the acquisition of PIK Vrbovec.
- Balance Sheet Strength Accelerates Opportunity: Net leverage reduced to just 1.08x with cash position increased to EUR 259 million to provide firepower to accelerate investment across AI, technology, food and other high-growth sectors.
Zagreb, Croatia, July 31, 2026 - Croatian investment group BOSQAR INVEST (BOSQAR d.d. - ZSE: BSQR) delivered another period of profitable growth by continuing to successfully execute its strategy during the first six months of 2026, delivering significant growth in revenue, profitability, and operational efficiency while further strengthening the Group's financial position to support the continuation of its investment cycle and future development.
In the second quarter of 2026, the Group generated revenue of EUR 360 million, representing an increase of 40% compared to EUR 258 million in the same period last year. Adjusted EBITDA amounted to EUR 40 million, up 40% year-on-year.
On a last twelve months (“LTM”) basis, BOSQAR INVEST generated pro forma revenue of EUR 747 million and pro forma adjusted EBITDA of EUR 101 million.
The Group’s cash position reached EUR 259 million during the period. At the same time, the net debt-to-pro forma adjusted EBITDA ratio declined from 2.64x to 1.08x, confirming the strength of the Group's balance sheet and providing a solid foundation for continued organic growth and future acquisitions.
"The first half of 2026 once again demonstrated that our growth model delivers results. We continue to increase revenue, profitability and operational efficiency while maintaining a very strong capital position that enables us to continue investing and pursuing new acquisitions," said Darko Horvat, President of the Management Board of BOSQAR d.d., the holding company of the BOSQAR INVEST group.
Future Food Becomes the Group's Largest Business Vertical
The Future Food business vertical generated revenue of EUR 163 million in the first half of the year, becoming BOSQAR INVEST Group's largest business vertical by revenue.
On a pro forma LTM basis, Future Food generated EUR 348 million in revenue, representing almost half of the Group's total revenue, alongside pro forma adjusted EBITDA of EUR 52 million.
Future Food's results confirm the success of the Group's strategy to build a regional food platform through a combination of organic growth, operational excellence and carefully selected acquisitions.
Growth within the vertical was led by Mlinar and Panvita, both of which continued to invest during the second quarter in expanding production capacity, product development, technological innovation and strengthening their market presence.
Among the most significant development projects is Mlinar's EUR 12 million investment to double the production capacity of its burek factory in Osijek, while Panvita continued investing in the development of its own brands, digitalisation and the application of advanced technologies in food production.
Another important strategic step in the continued development of the Future Food platform is the planned acquisition of a 100% stake in PIK Vrbovec, following the signing of the share purchase agreement with Fortenova Group.
Subject to obtaining the required regulatory approvals, the completion of the transaction will represent one of the largest investments in BOSQAR INVEST's history and will further strengthen the Group's position as one of the leading food systems in the region.
AI transformation continues to gather momentum as Mplus and Workplace Continue Executing Their Development Strategies
Alongside the strong development of the food vertical, BOSQAR INVEST continued to implement strategic development initiatives across its technology and HR business verticals.
During the second quarter, Mplus continued transforming its business model towards high-value AI and digital services through its Experience Intelligence Provider concept, which combines artificial intelligence, digital technologies and human expertise to develop industry-specific solutions for global clients.
Graia, the Group's artificial intelligence development centre, plays an important role in this transformation. Today, more than one quarter of the BPTO vertical's revenue is generated by clients using one or more digital or AI solutions from the Mplus portfolio.
At the same time, Workplace continued its regional positioning activities, focusing on the development of higher-value, more profitable HR services while further expanding its presence across Southeast European markets.
Strong Capital Position Supports Continued Growth
The second quarter of 2026 was marked by the successful completion of BOSQAR INVEST's Secondary Public Offering (SPO), through which the Group raised EUR 150 million of new capital in the largest capital increase through a secondary public offering in the history of the Croatian capital market.
During the offering period, investors expressed demand of almost EUR 178 million for the new shares. The transaction attracted 5,453 retail investors and 26 qualified investors, with strong support from existing shareholders and Group employees through the ESOP programe.
The proceeds will be used to finance the planned acquisition of PIK Vrbovec, support the continued organic development of existing companies, fund technology investments, and pursue new acquisitions across all business verticals.
With an CAGR of 42% over the past four years, pro forma adjusted EBITDA exceeding EUR 100 million, and the strongest balance sheet in its history, BOSQAR INVEST enters the second half of 2026 with clearly defined development priorities and the financial strength to continue its growth trajectory.