- Significant revenue growth to €629m (+66%) and Adjusted EBITDA to €83m (+83%)
- Results driven by diversification, the creation of a food champion through a disciplined buy-and-build strategy, organic growth, and successful capital markets funding.
Zagreb, Croatia, February 27, 2025 - BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR), a perpetual capital investor and company builder in the Adria region, announces its unaudited financial results for the fourth quarter and full year 2025, delivering record performance across all business verticals – Business Process and Technology Outsourcing (BPTO/AI – branded as Mplus and GRAIA), Food (branded as Future Food, Panvita, and Mlinar), and Human Resources (HR - branded as Workplace and Manpower SEE).
The Group’s performance reflects disciplined buy-and-build execution, diversification across 23 markets and verticals, and the development of a regional food champion supported by proprietary AI technologies, underpinned by long-term trends in demographics, digitalization, and rising food demand.
Key Financial Highlights (Q3 2025 vs. Q3 2024):
- Revenue: EUR 629 million (+66%)
- EBITDA: EUR 68 million (+51%)
- Adjusted EBITDA: EUR 83 million (+83%)
Key Corporate Highlights:
- EBRD-led equity investment of up to EUR 80 million in Mlinar strengthens capital base and accelerates development of the Food vertical (Future Food);
- Dividend payment of EUR 2.30 per share;
- EUR 143.2 million raised through two Sustainability-Linked Bond tranches, the largest SLB issuance by a Croatian non-banking private company;
- Continued transformation of BPTO segment into AI and Solutions, with AI revenues and activities combined within a single business unit;
- Continued advancement of proprietary Agentic AI platform under GRAIA brand, driving new partnerships and sales through its own Agentic AI module;
- Strengthening of management and governance framework across Group and verticals;
Darko Horvat, President of the Management Board of BOSQAR d.d., commented: “Our record 2025 results reflect our success in capturing growth in sectors undergoing significant technologically advancement that are vital to addressing demographic change, digitalization, and rising food demand. Our ability to adapt and grow into these sectors is testament to our discipline and focus on execution, operational excellence and a strong organizational culture across the BOSQAR INVEST group.
In particular, the strategic development of the Food vertical represents not only an investment opportunity but also a broader contribution to strengthening food security, sovereignty, and resilience in Croatia and the wider region. Through Mlinar and Panvita, we are building a regional food industry champion, supported by strong institutional partners including the EBRD.
At the same time, our proprietary AI technologies within the BPTO vertical position us at the forefront of digital transformation across our markets.”
Record Year Driven by Diversification and Strategic Execution
The fourth quarter further confirmed the continuity of growth and the resilience of the Group’s business model.
The Group’s consistently high standards of corporate governance, financial transparency, and risk management provide the foundation which enabled it to implement a number of complex strategic initiatives in 2025, all in parallel, from multiple major capital transactions and acquisitions to operational transformation and digitalization, all without compromising business stability.
BOSQAR’s diversified multi-vertical structure, spanning BPTO/AI, Food, and HR remains a principal source of stability, scalability, and shareholder value creation. The balanced contribution of verticals reduces concentration risk and provides resilience across economic cycles.
During the year, the Group strengthened its capital structure through a 1:10 share split, enhancing market liquidity and accessibility, and through the successful issuance of EUR 143.2 million in Sustainability-Linked Bonds.
In parallel, corporate governance standards were further elevated through the adoption of a new Corporate Governance Code aligned with Zagreb Stock Exchange, HANFA, and OECD principles, as well as enhancements to the Group’s Code of Ethics and compliance framework.
Evolution of the Food Vertical - Building a Regional Champion
2025 marked a transformational year for the Future Food vertical as it continues to integrate two prominent food brands into its portfolio.
Following the EUR 100 million acquisition of a 67% stake in Mlinar earlier in the year, the fourth quarter saw the entry of the European Bank for Reconstruction and Development (EBRD) into Mlinar through a structured investment of up to EUR 80 million.
This investment provides a stable capital framework for expansion, export development and further sector consolidation, while confirming the quality and strategic relevance of the Food vertical.
Mlinar continued to expand its retail network and invest in production capacity and logistics modernization, while Panvita strengthened its management structure, accelerated investments in sustainable agriculture and further integrated ESG principles across operations.
The development of the Food vertical is positioned not only as a value creation strategy but also as a contribution to strengthening food sovereignty and long-term supply chain resilience in the region.
BPTO – AI-Driven Growth, Market Consolidation
Digital transformation initiatives within Mplus, including AI-powered recruitment agents, automation tools, and centralized pricing systems continued to enhance operational efficiency and support scalable organic growth.
In its first year of operations, GRAIA strengthened its market position by advancing its proprietary Agentic CCaaS and Agentic AI technologies and securing new partnerships and commercial agreements, supported by the Group’s innovation ecosystem and strategic partners including the EBRD and MidEuropa.
HR Vertical – Regional Leadership and Service Diversification
The Workplace (HR) vertical maintained strong growth momentum across Southeast Europe, expanding its portfolio of RPO, BPO, and IT services and strengthening regional sales integration.
Targeted leadership appointments and continued investment in technology and CRM infrastructure further enhanced operational efficiency and positioned the vertical for accelerated growth in 2026.
Regional recognitions and awards confirmed the strengthening of employer branding, digital transformation, and professional standards across the HR platform.
Outlook*
The record results achieved in 2025 confirm the strength of the Group’s strategy and its ability to deliver growth through a balanced combination of disciplined capital allocation, operational excellence and strategic diversification.
BOSQAR INVEST enters 2026 with:
- A strengthened capital structure and strong balance sheet;
- A diversified presence in 23 markets;
- A strategically reinforced Food vertical with institutional backing;
- A scalable AI-driven technology portfolio;
- A strengthened management team focused on governance, integration and long-term value creation.
The Group remains committed to building a modern, multi-vertical business system with strong regional roots and international reach, continuing to create sustainable value for shareholders and stakeholders alike.
The full unaudited Q4 2025 financial report can be found here: ZSE