Zagreb, Croatia, April 27, 2026 – BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR) continued its strong business momentum in the first quarter of 2026, delivering further growth in revenue, EBITDA and profitability across the Group.
The latest published financial results for the first quarter confirm that, on a pro forma consolidated last twelve months (LTM) basis, BOSQAR INVEST has surpassed EUR 100 million in EBITDA, further strengthening BOSQAR’s position among the largest and most profitable companies in Croatia.
This milestone confirms the scalability of BOSQAR INVEST’s business model and its successful implementation across multiple business verticals, transforming the Group into a platform capable of generating sustainable growth and above-market profitability.
In the first quarter, BOSQAR INVEST generated EUR 173 million in revenue, representing a 37 percent increase year-on-year. Adjusted EBITDA reached EUR 19 million, up 43 percent, while EBITDA rose 49 percent to EUR 16 million.
Key Growth Platform: Food companies Mlinar and Panvita
The Group’s first-quarter growth was led by its food vertical, where Panvita and Mlinar delivered record results and strong profitability growth.
These results validate BOSQAR INVEST’s strategic focus on building a regional food platform with clear potential for further market consolidation, operational synergies, and scalable growth across Central and Eastern Europe.
“Crossing the EUR 100 million EBITDA mark on an LTM basis is an important validation of our strategy and the quality of the portfolio we are building. Our Future Food platform – anchored by Mlinar and Panvita – is today one of the Group’s key growth engines, with clear potential for further scaling through organic growth and acquisitions. We remain focused on developing a business model that combines disciplined capital allocation with operational excellence, with the aim of creating long-term value for all our stakeholders,” said Darko Horvat, President of the Management Board of BOSQAR d.d., the holding company of the BOSQAR INVEST group.
Next Phase of Growth: Consolidation and Platform Scaling
The continued strengthening of the Future Food platform is also reflected in the recently announced news that Fortenova Group accepted BOSQAR INVEST’s binding offer for the acquisition of a 100% stake in PIK Vrbovec.
The planned acquisition represents a logical continuation of the strategy to build the leading food platform in the region and further strengthens the Group’s position in sectors with strong growth and profitability potential.
Following completion of the transaction, subject to regulatory approvals and finalization of the investment in PIK Vrbovec, BOSQAR INVEST is expected to generate more than EUR 1 billion in annual revenue during 2026, on a pro forma consolidated basis within its current business scope.
One of the Fastest-Growing Business Groups in the Region
Since listing on the Zagreb Stock Exchange in 2019, BOSQAR INVEST has evolved into one of the most dynamic growth platforms in the region.
With a community of over 18,000 employees, the Group demonstrated a leading market position in the employment sector last year. Its business model is also defined by a strong ability to generate revenue growth and create value through both organic expansion and a disciplined acquisition strategy. Over the past four years, BOSQAR INVEST has achieved a 50 percent compound annual growth rate (CAGR).