BOSQAR INVEST Reports Record Revenue and EBITDA for 2024

Significant growth in revenue to EUR 372 million and EBITDA to EUR 40 million driven by strategic M&A, Buy-and-Build Execution and strong organic growth

Zagreb, April 28, 2025 – BOSQAR INVEST (BOSQAR d.d. – ZSE: BSQR), a perpetual capital investor and company builder in the Adria region, today announced its full-year financial results for 2024, delivering record revenues and earnings as a result of continued strategic execution across its multiple business verticals – BPTO (branded as Mplus), HR (branded as Workplace), Food (branded as Future Food), and other industries.

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Key Corporate Highlights (2024):

Successful equity raise through secondary issuance and capital increases amounting to EUR 109 million;
Landmark investment of EBRD in fundraising a strong validation of BOSQAR INVEST’s business model;
Established a new Future Food vertical with the EUR 49,1 million investment in Slovenian food producer Panvita Group;
Announced the acquisition of a majority stake in Croatian Bakery Mlinar for EUR 100 million subject to approvals; and
Formed a strategic cooperation with MidEuropa, a European private equity investor with deep roots in CEE to nurture regional champions.

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Key Financial Highlights (FY 2024 vs. FY 2023):‍

Revenue: EUR 372 million (+27%)
EBITDA: EUR 40 million (+18%)
Adjusted EBITDA: EUR 48 million (+16%)
Pro-forma Revenues/EBITDA/Adjusted EBITDA FY2024: EUR 476 million / EUR 45 million / EUR 52 million

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These results reflect the successful implementation of BOSQAR INVEST’s buy-and-build strategy and disciplined M&A activity across core sectors. The Group continues to focus on consolidating regional champions with a growing global footprint – delivering sustained profitability and long-term value creation.

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Strategic Execution and Portfolio Expansion

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“Our strong 2024 performance demonstrates the strength of our operating model and the effectiveness of our long-term strategy.” said Darko Horvat, President of the Management Board at BOSQAR d.d., the holding company of the BOSQAR INVEST group. “The significant growth in revenue and EBITDA underscores our commitment to value-driven M&A, disciplined integration, and the strategic transformation of acquired businesses into high-performing, consolidated platforms.”

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A key milestone in 2024 was the addition of a new business vertical in the food industry, Future Food, established through the investment in the Slovenian Panvita Group. While this segment is capital-intensive and contributed to an increase in group-level debt, the expansion was executed within a highly capitalized framework to maintain the Group’s overall low leverage. The Board remains confident in the Group’s financial flexibility and its ability to pursue future growth opportunities.

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Successful Recapitalization and Equity Offering

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In 2024, BOSQAR INVEST focused on developing its BPTO and HR business verticals through organic growth, investments in technologies, opening new markets, acquiring new key global customers, and boosting operational efficiency.

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The capital position of these two business verticals was significantly strengthened in 2024, through the recapitalization of the BPTO umbrella company M Plus Croatia d.o.o., raising EUR 60 million, and through a secondary public offering of shares in the umbrella holding company BOSQAR d.d., which raised EUR 49,1 million in new capital.

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BPTO (Mplus): Key Developments and Outlook*

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Over the past four years – from 2021 to 2024 – the company M Plus Croatia d.o.o. and its subsidiaries (Mplus) achieved revenue growth at a compound annual growth rate (CAGR) of 23%, while adjusted EBITDA grew at a compound annual growth rate of 20% over the same period.

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The EUR 60 million recapitalization of M Plus Croatia d.o.o. saw the participation of the EBRD, demonstrating the confidence of this European institutional investor in the development of BOSQAR INVEST’s BPTO business vertical and in the group as a whole.

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Strengthened by new capital, in the coming period, Mplus will place a special emphasis on the further development of its proprietary, AI-based technological solutions.

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Since the end of 2024, BOSQAR INVEST has announced two acquisitions within its BPTO segment: Conectart in the Czech Republic and Valoris in Romania. The acquisition of Conectart was completed on April 15, 2025, while the Valoris transaction is currently pending regulatory approval in Serbia and Romania.

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BOSQAR INVEST will continue to actively consider new acquisitions within the BPTO business vertical, both within and outside Europe, with a focus on expanding capacity to service large global clients and acquiring new knowledge and solutions to provide greater value services.

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HR (Workplace): Key Developments and Outlook**

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The revenues of BOSQAR INVEST's HR vertical, Workplace, increased by 47% to EUR 116 million in 2024. At the same time, EBITDA rose to EUR 3,4 million, a 25% increase compared to 2023.

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BOSQAR INVEST strengthened the management of its HR business vertical during the reporting period. Eldar Banjica was appointed as the new CEO and new key people were appointed to regional functions, which will ensure stronger regional cooperation and the implementation of best business practices by all members of the HR business vertical.

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In addition, the financial position of the companies within the HR business vertical has been stabilized, full independence in funding further operations has been ensured, collaboration with Manpower International has been strengthened, and focus on working with key clients has been increased.

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In 2025, one of the vertical’s priorities will be to introduce new technological solutions and automation, using solutions already developed within the group’s BPTO vertical.

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Food (Future Food): Key Developments and Outlook***

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With the investment in the Panvita Group in 2024, a Slovenian vertically integrated production and processing industry group, BOSQAR INVEST launched a new business vertical, branded as Future Food.

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In December 2024, BOSQAR INVEST signed an agreement to acquire a majority stake in Mlinar d.o.o., one of the leading companies in the bakery industry in the region. Following approval by the regulatory competition authorities, which is expected in the second quarter of 2025, Mlinar d.o.o. and its subsidiaries (Mlinar Group) will become an integral part of the new food business vertical.

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BOSQAR INVEST is considering further acquisitions in the food industry in the coming period. The group aims to form a leading food group in the food products segment and is currently focusing on meat and meat products as well as bakery products as two sub-groups within the food vertical.

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For the investments in Panvita and Mlinar, the group entered into strategic partnerships with minority shareholders, including the Regal Group and the private equity fund MidEuropa. This strengthened the partnership with MidEuropa, which continues to support the development of the BPTO vertical as a minority shareholder.

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Strategic Partnership with MidEuropa

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In January, BOSQAR INVEST and MidEuropa, a European private equity investor with deep roots in Central Europe, announced closer cooperation moving forward. As part of the new, strategic partnership, the two will work to identify new opportunities for joint investments in regional platforms that will become leading consolidators in their respective sectors, creating emerging champions and driving future growth in the region.

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The above is reflected in MidEuropa taking a strategic equity share in part of the food business vertical of BOSQAR INVEST, with Mlinar Group’s expected entry into BOSQAR's food division.

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MidEuropa's strategic support in capital access, deal structuring, and fostering international growth, combined with BOSQAR INVEST's world-class investment and operational leadership team in the Adria region, will form the cornerstone of a robust model for nurturing regional business champions.

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In-House Tech Division

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Looking ahead, the group will continue to invest in the in-house technology division within its BPTO business vertical, Mplus, to further develop innovative digital solutions that address technological disruption across all industries. This strategic focus will not only drive operational efficiency but also support future scalability and resilience.

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2024 also marked the introduction of new ESG reporting obligations under applicable regulation. BOSQAR INVEST responded proactively, embedding ESG performance into its core KPIs and further aligning with its sustainability-linked bond (SLB) targets. These steps reaffirm the Group’s commitment to responsible growth and long-term impact.

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Balance Sheet and Capital Structure

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The increase in debt during the year is attributed to our deliberate expansion into the food industry, an investment area aligned with long-term macro trends. Importantly, BOSQAR INVEST remains highly capitalized with conservative leverage ratios, providing ample capacity to continue executing its M&A pipeline while maintaining financial stability.

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Total assets grew by over 100% compared to December 31, 2023, primarily as a result of the investment in Panvita Group and the EBRD's investment in the BPTO vertical. When measuring the ratio of net debt to consolidated adjusted EBITDA on a pro-forma basis, the 1.90 coefficient reflects the group’s strong overall financial stability.

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Outlook****

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Through its strong capital position, strengthened by the most recent listing of shares on the Zagreb Stock Exchange, which raised EUR 49.1 million in October 2024, BOSQAR INVEST has laid the foundation for further growth in the coming period, both through organic growth of its business verticals and through new acquisitions in existing verticals. It will also consider establishing new business verticals to achieve further growth and risk diversification.

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We continue to monitor global macroeconomic trends and are actively adapting our risk-mitigation framework to ensure resilient operations. We plan to enter new markets across all verticals, deepen investment in talent development, and continue enhancing profitability across BOSQAR INVEST’s expanding portfolio. i

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The full 2024 annual report can be found here.

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Download as a document.

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Table1 – Consolidated statement of comprehensive income for the year ended December31, 2024
(All amounts are presented in thousands of EUR)

	Notes	2024	2023
Continued operations
Revenue from contracts with customers	5	358,644	285,352
Other revenue	6	13,009	7,536
Total revenue		371,653	292,888
Change in inventories of finished goods and work in progress		(1,524)	-
Costs of raw materials and supplies	7	(10,548)	(2,561)
Cost of goods sold	8	(4,112)	(2,389)
Expected credit losses (trade receivables)		(24)	(20)
Costs of services	9	(32,311)	(18,146)
Staff costs	10	(260,373)	(219,825)
Depreciation and amortization	11	(24,976)	(20,305)
Other operating expenses	12	(22,854)	(16,100)
Total operating expenses		(356,722)	(279,346)
Profit from operations		14,931	13,542
Share of results of associates and joint ventures	21	(189)	-
Financial income	13	4,513	4,148
Financial expenses	13	(12,851)	(9,427)
Losses from financial activities		(8,338)	(5,279)
Profit before taxation		6,404	8,263
Income tax	15	(1,498)	(1,707)
Profit from continued operations		4,906	6,556
Discontinued operations
Loss from discontinued operations	41	(3,277)	(1,592)
Total operations
Profit for the year		1,629	4,964
Attributable to:
To the owners of the Company		4,556	3,761
Non-controlling interests		(2,927)	1,203
Earnings per share
Basic and diluted earnings per share (in euro and cents)	14	4.46	3.83

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Table 2 - Consolidated statement of financial position as of December 31, 2024
(All amounts are presented in thousands of EUR)

ASSETS	Notes	December 31, 2024	December 31, 2023
Non-current assets
Goodwill	16	30,159	17,983
Intangible assets	17	58,292	56,409
Right of use assets	18	21,479	13,583
Property, plant and equipment	19	93,132	17,590
Investment property	20	14,195	14,276
Investments in associates	21	2,286	-
Non-current financial assets	22	38,837	4,661
Deferred tax assets	15	6,058	4,739
Total non-current assets		264,438	129,241
Current assets
Inventories	24	18,050	1,527
Biological asset	25	3,878	-
Current financial assets	23	1,974	2,751
Trade receivables	26	63,820	43,150
Other receivables	27	11,245	7,197
Accrued income and prepaid expenses	28	8,193	6,927
Cash and cash equivalents	29	111,983	50,637
Asset held for sale	41	930	-
Total current assets		220,073	112,189
TOTAL ASSETS		484,511	241,430

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Table 3 - Consolidated statement of financial position (continued) as of December 31, 2024
(All amounts are presented in thousands of EUR)

	Notes	December 31, 2024	December 31, 2023
Equity
Share capital	30	15,640	13,034
Reserves	31	24,031	(3,127)
Retained earnings and profit for the current year		20,631	19,094
To the parent owners		60,302	29,001
Non-controlling interests	42	94,649	29,104
Total equity		154,951	58,105
Non-current liabilities
Long-term borrowings	32	84,856	33,718
Liabilities arising from issued bonds	32	40,000	40,000
Long-term lease liabilities	33	18,074	10,100
Deferred tax liability	15	1,403	3,272
Long-term provisions		5,657	3,135
Other non-current liabilities	34	22,498	7,211
Total non-current liabilities		172,488	97,436
Current liabilities
Trade payables	35	35,283	12,237
Liabilities to employees	36	23,180	18,983
Income tax liabilities		1,783	2,489
Other current liabilities	37	12,692	7,506
Short-term borrowings and accrued interests	32	66,459	29,022
Short-term lease liabilities	33	8,116	5,469
Accrued expenses and deferred Income	38	8,472	10,183
Liabilities directly associated with assets classified as held for sale	41	1,087	-
Total current liabilities		157,072	85,889
Total liabilities		329,560	183,325
TOTAL EQUITY AND LIABILITIES		484,511	241,430

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About BOSQAR INVEST:

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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.

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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.

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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.

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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.

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*, **, ***, **** 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.

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