BOSQAR INVEST Reports Strong Q1 2025, Proposes Dividend and Strengthens Management Board for Next Growth Phase
Apr 30, 2025
Press
Q1 revenue of EUR 126 million; EBITDA of EUR 11 million; Dividend of EUR 2.30 per share proposed; Leadership team confirmed for five-year term with new Board appointment
Photo: BOSQAR INVEST
Zagreb, April 30, 2025 – BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR), a perpetual capital investor and company builder in the Adria region, announced its unaudited financial results for the first quarter of 2025, alongside key governance updates that strengthen leadership as BOSQAR prepares for its next phase of growth.
Key Corporate Highlights:
Successful integration of Panvita Group into the Future Food vertical with strategic activities underway to roll out ambitious growth plans;
Implementation of AI-driven technological solutions within Mplus, the group’s BPTO vertical, to boost productivity and enhance service quality;
Completion of key preparatory activities for the acquisitions of Conectart (Czech Republic) and Valoris (Romania), as announced on April 15, 2025; and
Acquisition of Mlinar Group expected to close in Q2 2025, pending regulatory approvals, which will significantly expand the group’s Future Food vertical.
Key Financial Highlights (Q1 2025 vs. Q1 2024):
Revenue: EUR 126 million (+45%)
EBITDA: EUR 11 million (+27%)
Adjusted EBITDA: EUR 14 million (+29%)
The Group’s strong performance reflects the successful execution of its buy-and-build strategy, investments in proprietary technology, and sustained organic growth across its BPTO (Mplus), HR (Workplace), and Food (Future Food) business verticals.
“Our results in the first quarter of 2025 reflect both BOSQAR INVEST’s resilience and disciplined execution.” said Darko Horvat, President of the Management Board. “The Supervisory Board’s decision to extend the management team’s mandates recognizes what we have achieved and endorses the future we are building.”
Dividend Proposal*
At the meeting held on April 25, 2025, the Company's Management Board proposed a dividend of EUR 2.30 per share, corresponding to a total payout of EUR 2,710,405.10. The dividend will be paid to shareholders registered with the Central Depository and Clearing Company Inc. (CDCC) on July 15, 2025 (record date), with an ex-date on July 14, 2025, and payment date scheduled for July 18, 2025.
The dividend will be funded from retained earnings from 2023 and from profits generated in 2024, while EUR 788,981.05 will remain in unallocated profits to support future growth initiatives.
Management Board Strengthened for Next Five-Year Term
Recognizing the Group’s robust performance, strategic clarity, and growth ambition, the Supervisory Board adopted the following key governance decisions:
Darko Horvat was reappointed as President of the Management Board for a new five-year term starting May 19, 2025.
Tomislav Glavaš was reappointed as a Member of the Management Board for the same new five-year term.
Vanja Vlak was appointed as a new Member of the Management Board for a five-year term.
Vanja Vlak, currently the Chief Financial Officer of BOSQAR INVEST, brings deep financial expertise, leadership experience, and strategic insight into the Group’s operations. With a career that includes roles as Partner at Deloitte, Advisor at BDO, Investment Director at Prosperus Invest, and Board member in leading Croatian IT companies, his appointment is expected to further enhance the operational strength and financial governance of BOSQAR INVEST during its next growth cycle.
SLB Targets Surpassed
BOSQAR INVEST continues to exceed its sustainability-linked bond (SLB) targets. As of December 31, 2024, the Group achieved:
A 32% reduction in Scope 1 and 2 emissions, well ahead of the 2027 target of 25.2%.
48% representation of women in management teams, surpassing the 2024 target of 47%.
These achievements highlight BOSQAR INVEST’s commitment to responsible growth, ESG leadership, and long-term value creation.
Consideration of bond issuance**
On Wednesday, BOSQAR INVEST announced that it was considering the issuance of new seven-year bonds at a total nominal amount of between 100 and 150 million euros.
The company intends to issue the bonds as Sustainability-Linked Bonds (SLBs).
If the company decides to implement the placement, it will promptly disclose information about the related its terms and conditions.
The placement will be carried out exclusively subject to acceptable market conditions and subject to obtaining approvals.
Outlook***
Following a strong first quarter, BOSQAR INVEST is well-positioned for continued growth throughout 2025. The group plans to pursue further strategic M&A opportunities, expand technological innovation within its business verticals, and deepen partnerships to drive the creation of regional champions.
Through a disciplined approach to capital management, operational excellence, and a commitment to ESG leadership, BOSQAR INVEST remains focused on delivering sustained value creation for its shareholders and stakeholders. i
The full Q1 2025 financial report can be found here.
Items that can later be transferred to profit or loss
-
-
-
-
Other comprehensive income for the period
-
-
-
-
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
(330)
(330)
(246)
(246)
About BOSQAR INVEST:
BOSQAR INVEST (BOSQAR d.d., together with its subsidiaries) is a European leader that operates in the industries of business process and technology outsourcing, information technology, employment services (HR), eCommerce, and Food.
With an innovative business model, BOSQAR INVEST accelerated its expansion on the market with intensive organic growth and an M&A platform. Through its buy-and-build strategy, it has acquired 84 companies since 2016. BOSQAR INVEST is focused on improving the profitability and operations of each of its acquired companies through its standardized operational models that result in significant organic growth of all companies inside the Group and the Group itself.
Today, BOSQAR INVEST operates through several business verticals: the BPTO business vertical (brand: Mplus), the HR business vertical (brands: Manpower and Workplace), the Food business vertical (brand: Future Food), and Other industries. All business verticals are focused on shareholder value creation through a commitment to best practices in digitalization, structured key accounts management programs, rigorous financial stability and focus on results, and strong and dedicated management teams.
In its ownership structure, BOSQAR INVEST brings together pension funds, institutional investors, international private equity funds, development institutions, and private investors. The BOSQAR INVEST business community consists of over 15,000 employees, and the group’s companies operate from 20 countries around the world.
i *, **, *** The text included in these sections of the report contains statements that are or may be considered forward-looking statements. These forward-looking statements can be identified by the use of certain forward-looking terminology, including, but not limited to, terms such as: believes, estimates, forecasts, considers, expects, seeks, aims, strategy, purpose, intends, continues, may, will, should, or, in each case, their negative or other variations of these or similar expressions. These forward-looking statements relate to matters that are not historical facts. Such statements include, among other things, statements regarding the Group’s intentions, beliefs and/or current expectations concerning, among other things, plans, objectives, achievements, strategies, future events, future revenues or performance, capital expenditures, financing needs, acquisition-related plans and intentions, competitive advantages and disadvantages, business strategies and industry trends, as well as the political and legal environment in which the Group operates, and other information that is not historical data. By their nature, the forward-looking statements included in this document involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and are to a lesser or greater extent beyond the Group’s control and influence. Forward-looking statements are not guarantees of future performance. Actual results, operations, financial position, liquidity, trends, development of business strategies, and performance in the markets in which the Group operates, whether directly or indirectly, as well as the actual resources available, may materially differ from those expressed or implied by the forward-looking statements contained in this document. Furthermore, even if the investment outcomes, operating results, financial position, liquidity, and the development of financial strategies and performance in the markets in which the Group operates – either directly or indirectly – are consistent with the forward-looking statements made in this section of the report, they may not be indicative of results, developments, markets, or resources in future periods.
.blog-content img {
width: 100%;
min-width: 100%;
max-width: none; /* Ensures the image can scale up */
height: auto;
display: block; /* Ensures no inline spacing issues */
}
