- BOSQAR INVEST generated EUR 561 million in revenue in the first nine months of 2026, up 25 percent, while adjusted EBITDA rose by 23 percent to EUR 70 million.
- The Group's pro forma revenue for the last twelve months reached EUR 751 million, with adjusted EBITDA of EUR 101 million. Future Food became the Group's largest business vertical, with EUR 266 million in revenue.
- BOSQAR shares were included in the Zagreb Stock Exchange's CROBEX and CROBEXtr indices.
Zagreb, Croatia, October 30, 2026 - Croatian investment group BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR) continued its strong business growth during the first nine months of 2026, with increases in revenue and EBITDA, the further development of all three business verticals, and a strengthening of the Group's financial position. The third quarter was also marked by an important step forward in the Croatian capital market, with the inclusion of BOSQAR shares in the Zagreb Stock Exchange's CROBEX and CROBEXtr indices.
The Group's operating revenue reached EUR 561 million, representing an increase of 25 percent compared with the same period of the previous year. Adjusted EBITDA amounted to EUR 70 million, up 23 percent.
On a pro forma basis for the last twelve months (LTM), BOSQAR INVEST generated EUR 751 million in revenue and EUR 101 million in adjusted EBITDA. Compared with 2023, pro forma revenue increased by EUR 458 million and adjusted EBITDA by EUR 61 million, reflecting the effects of organic growth and strategic acquisitions. The average annual growth rate of revenue and adjusted EBITDA over the past four years was 37 percent.
The Group's growth was driven primarily by the development of the Future Food vertical, with a positive contribution from the technology vertical Mplus and a further improvement in the profitability of the HR vertical Workplace.
“The results achieved during the first nine months of 2026 confirm the validity of our strategic direction, as well as our ability to consistently translate our set goals into concrete business results. The growth and development of our verticals stem from the business model we have been building since the Group was established, based on clear investment criteria, active management, operational efficiency, and strong management teams. I consider it particularly important that, alongside continued growth, we simultaneously maintain a strong financial position, which enables us to make further investments and pursue new development opportunities,” said Darko Horvat, President of the Management Board of BOSQAR d.d., the holding company of the BOSQAR INVEST Group.
CROBEX Inclusion
During the first half of the year, BOSQAR INVEST raised EUR 150 million in new capital through a secondary public offering of shares (SPO), with the participation of more than 5,400 retail investors. The strong capital position enables the Group to continue planned investments, the organic development of existing companies, and the execution of strategic acquisitions.
A further milestone in BOSQAR's development was the inclusion of its shares in the Zagreb Stock Exchange's CROBEX and CROBEXtr indices, effective September 21, 2026, reflecting increased share liquidity and investor interest.
In addition, BOSQAR INVEST further strengthened its financial position during the first nine months of 2026, with cash of EUR 252 million and a reduction in the ratio of net debt to pro forma adjusted EBITDA from 2.64x to 1.17x. The Group's total assets increased by more than 21 percent compared with the end of 2025.
Future Food strengthens position as Group's largest business vertical
The Future Food vertical generated EUR 266 million in revenue during the first nine months of 2026, confirming its position as the BOSQAR INVEST group's largest business vertical. On a pro forma basis for the last twelve months, the vertical's revenue reached EUR 352 million, or 47 percent of the Group's total revenue, with adjusted EBITDA of EUR 57 million.
During the third quarter, food companies Mlinar and Panvita continued to invest in production capacities, operational efficiency, the development of new products and the strengthening of their market positions.
Mlinar continued its strong development cycle, with particularly strong results during the tourist season. Eleven new store outlets were opened in the region, including new locations along the Croatian coast, bringing the total number of store outlets in the Mlinar network to 333 at the end of the quarter. An investment of EUR 12 million in a new automated burek production line in Osijek remains among the key development projects and will double the factory's production capacity upon completion of the project.
Panvita maintained stable operations in the first nine months despite challenging weather conditions. Stable yields were achieved in crop production, while vegetable production was significantly expanded, with the total harvest already exceeding the level recorded for the whole of 2025 by 20 percent during the third quarter.
Alongside the expansion of production capacities, Panvita continued to modernize its business processes, including the digitalization and integration of production systems, as well as the development of the AVE brand and expansion of distribution in Slovenia and Croatia.
The further strategic development of Future Food also includes the planned acquisition of PIK Vrbovec. Closing the transaction, subject to the fulfilment of the necessary regulatory conditions, will further expand the food vertical's production capacities, enable new operational synergies, and strengthen the competitiveness of the integrated regional food platform.
Mplus recorded revenue growth, strategic transformation continued
The Group’s technology vertical, Mplus, generated EUR 211 million in revenue in the first nine months of 2026, representing growth of 9 percent compared with the same period last year. The vertical’s pro forma adjusted EBITDA for the last twelve months reached EUR 40 million.
In parallel with business growth, Mplus continues its strategic transformation from a traditional business process outsourcing provider into a technology partner that enables clients to develop and apply advanced digital and AI solutions with higher added value. Graia, the development engine of the Group's AI ecosystem, plays an important role in this process.
At the operational level, strong results were achieved in the Middle East and North Africa (MENA) region, particularly in the banking segment, while Bosnia and Herzegovina, Serbia, and Kazakhstan delivered above-expectation results among the markets of Central and Eastern Europe and the wider region (GCEE). Growth was driven by expanded cooperation with existing clients and increased service volumes.
Mplus is simultaneously investing in technological and operational transformation, including the development and implementation of AI solutions aimed at increasing operational efficiency, profitability, and the share of technology services in the revenue mix.
Workplace focuses on more profitable HR services, international expansion
The HR vertical Workplace generated EUR 84 million in revenue in the first nine months of 2026, representing a decrease of 8 percent compared with the same period of the previous year, as a result of the strategic shift of its business towards more profitable HR services. Despite lower revenue, the vertical increased its profitability, confirming the positive effects of the change in business focus.
During the third quarter, Workplace continued to strengthen its operational capacities, international partnerships, and regional infrastructure, with increasing use of digital tools and automation in recruitment processes.
Among the most significant projects was the implementation of a complex nationwide recruitment project in Bosnia and Herzegovina, related to the 2026 General Elections.
The project, carried out with technological support from Graia, involved the engagement of approximately 2,000 people across more than 140 locations, with over 12,000 applications received, confirming Workplace's capacity to coordinate large-scale and time-sensitive operational projects.