Bosqar Invest reported record unaudited results for 2025 on February 27, as the Croatian perpetual capital investor accelerated expansion across its food, AI-driven outsourcing and human resources businesses.

The Zagreb-listed group (ZSE: BSQR) posted revenue of €629mn for the 2025 financial year, up 66% year-on-year, while Ebitda rose 51% to €68mn. Adjusted Ebitda climbed 83% to €83mn.

The company, which operates across 23 markets, attributed the performance to its buy-and-build strategy and diversification across its Business Process and Technology Outsourcing (BPTO/AI), Food and HR verticals.

“Our record 2025 results reflect our success in capturing growth in sectors undergoing significant technologically advancement that are vital to addressing demographic change, digitalisation, and rising food demand,” Darko Horvat, president of the management board of Bosqar d.d., said in a statement.

“Our ability to adapt and grow into these sectors is testament to our discipline and focus on execution, operational excellence and a strong organisational culture across the Bosqar Invest group,” Hornet added. 

In the food segment, the group continued integrating bakery chain Mlinar and agricultural producer Panvita under its Future Food platform. Following its €100mn 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 €80mn.

“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,” Horvat said. “Through Mlinar and Panvita, we are building a regional food industry champion, supported by strong institutional partners including the EBRD.”

The group also raised €143.2mn through two sustainability-linked bond tranches, the largest such issuance by a Croatian non-banking private company, and paid a dividend of €2.30 per share.

Within BPTO, branded as Mplus and GRAIA, Bosqar said it consolidated AI activities into a single unit and advanced its proprietary Agentic AI platform, securing new partnerships.

“Our proprietary AI technologies within the BPTO vertical position us at the forefront of digital transformation across our markets,” Horvat said.

The company said it enters 2026 with a strengthened capital structure, diversified market presence and a reinforced food vertical backed by institutional investors.