Bosqar D.d. · ZSE:BSQR
Bosqar D.d — Investor Presentation (May 2026)
48 slides from Bosqar D.d's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION May 2026 ADVERTISEMENT This presentation is an advertisement and has been compiled in accordance with the provisions of Article 22 of Regulation (EU) 2017/1129 and Articles 13 to 16 of the Commission Delegated Regulation (EU) 2019/979.
Slide 2: Disclaimer
Disclaimer IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE PROCEEDING. THE DISCLAIMER BELOW APPLIES TO THIS This Presentation contains statements that are or may be deemed to be “forward-looking statements.” These statements are set PRESENTATION. FOR THE PURPOSES OF THIS DISCLAIMER, “PRESENTATION” MEA
Slide 3: Presentation team
Presentation team Darko Horvat Vanja Vlak President of the Board Member of the Board Strategy, Finance, Finance, Procurement, Integration processes, ESG Strategic acquisitions 3
Slide 4: Agenda
Agenda Introduction of BOSQAR INVEST 5 Key Investment Highlights 7 BOSQAR INVEST Group 9 Business Verticals 22 BPTO 23 HR 26 Food 29 Offering Terms 37 Why BOSQAR INVEST? 40 Appendix 43 4
Slide 5: Introduction of BOSQAR INVEST
Introduction of BOSQAR INVEST 5
Slide 6: Domestic Group listed on the Zagreb Stock Exchange
Domestic Group listed on the Zagreb Stock Exchange SINCE OUR FOUNDING IN 2016, WE HAVE BUILT 4 LEADING REGIONAL GROUPS IN 3 SECTORS OF STRATEGIC IMPORTANCE BPTO FOOD HR [ ] [ ] [ ] 3 strategic +18,500 27 countries € 748M LTM1 € 101M LTM1 792% share verticals employees pro-forma4 pro-forma4 price gro
Slide 7: Key Investment Highlights
Key Investment Highlights 7
Slide 8: Group that creates long-term value
Group that creates long-term value Diversified portfolio of The BPTO vertical is a Strong food vertical reflects Accelerated growth is the market leaders in resilient statement of success for the philosophy of investing in result of a proven business industries Bosqar's business model resilient sect
Slide 9: BOSQAR INVEST Group
BOSQAR INVEST Group Notes: 9
Slide 10: A Group for building regional leaders in strategically important sectors
A Group for building regional leaders in strategically important sectors... 3 business verticals: BPTO VERTICAL [MPlus ] Outsourcing of business and technological processes vertical founded in 2016 HR VERTICAL [Workplace] Employment and Human Resources Management Services vertical founded in 2022 FO
Slide 11: Three strategic verticals create a stable system
…where 3 strategic verticals combined create a stable system, resistant to market fluctuations… FOOD BPTO HR Share in 45% 35% pro -forma 1 39% revenues and pro -forma 1 adjusted 2 52% 6% EBITDA 17% A Group that combines real output Markets 17 17 10 and modern business principles Employees 6 3,450+ 1
Slide 12: Wide geographical reach as a source of resilience
…with a wide geographical reach as an additional source of resilience Markets Overview of pro-forma2 revenues per country 27 Countries1 7% 2% 5% 27% 5% € 737M 12% pro -forma 2 revenue 2025 22% 19% Croatia Hrvatska Slovenia Slovenija Turkey Turska Serbia Srbija Germany Njemačka Hungary Mađarska Bulga
Slide 13: Business philosophy of investing in industries with lasting demand
Business philosophy of investing in industries with lasting demand and structural growth potential… RESILIENT INDUSTRIES THAT FORM THE BACKBONE OF EVERY ECONOMY GROWTH AND PROFITABILITY REGARDLESS OF THE STAGE OF THE ECONOMIC CYCLE A FOUNDATION OF RESILIENCE BASED ON TWO PILLARS: (1) VERTICALS THAT
Slide 14: Proven operating model combining acquisitions and organic growth
…with a proven operating model that combines strategic acquisitions and organic growth through a focused approach FOCUS ON EXCEPTIONAL FINANCIAL RESULTS, OPERATIONAL EXCELLENCE, INNOVATION AND EFFECTIVE CORPORATE GOVERNANCE WITH FINANCIAL STABILITY AS A KEY PREREQUISITE Identification & Integration
Slide 15: A history of sustainable growth and value creation since 2016
A history of sustainable growth and value creation since the founding in 2016… Pro-forma revenue growth1 737 1 +184x Pro -forma revenue 1 Pro-forma adjusted2 EBITDA growth 484 1 +95x Pro -forma adjusted 2 293 EBITDA 179 94 105 95 1 43 21 30 41 50 1 4 1 6 18 2016 2019 2020 2021 2022 2023 2024 2025 20
Slide 16: Strong share price growth of 792% since the 2019 IPO
… recognized by investors and reflected in strong share price growth of 792% since the 2019 IPO... Market capitalization 2 Share price growth1 vs CROBEX index growth Market capitalization growth1 (EUR) +792% +115% +335 M € 365 M 305 M Annual share price growth1 vs Annual CROBEX index growth 279 M +3
Slide 17: Investments from institutional investors and strategic partners
... accompanied by investments from institutional investors and strong strategic partners Strategic partners Ownership structure1 Development institutions Pension funds Other institutional investors 1.2% 3.4% 3.4% 5.6% ORSO GLOBAL D.O.O. 2022. 2019. 2020. OPF PBZ CO OMF € 10M investment in SLB € 12M
Slide 18: Robust financial profile: revenue growth and high profitability
Bosqar's robust financial profile is made up of exceptional revenue growth and high profitability… STRONG REVENUE GROWTH OF 59% ANNUALLY OVER THE LAST 3 YEARS IS THE RESULT OF A COMBINATION OF ORGANIC GROWTH AND STRATEGIC ACQUISITIONS Pro-forma1 revenue Pro-forma1 adjusted2 EBITDA in € M in € M 53%
Slide 19: Financial stability positioning the Group for further growth
…with the financial stability strongly positioning the Group for further growth WITH STRONG GROWTH DELIVERED, THE GROUP HAS MANAGED TO MAINTAIN A LOW LEVEL OF NET DEBT OF 2.43x PRO -FORMA 1 ADJUSTED 2 EBITDA THROUGH AN OPTIMAL CAPITAL STRUCTURE AND A SIGNIFICANT SHARE OF OWN FUNDING Net debt Net deb
Slide 20: Governance with extensive experience
Bosqar’s governance with extensive experience continuously achieves results… Management board Supervisory Board Darko Tomislav Alma Vanja Tamara Philipp Gordan Ulf Ana Horvat Glavaš Mekić Ćerdić Vlak Sardelić Rösler Kolak Gartzke Babić President of the Member of the Member of the Member of the Presi
Slide 21: Experienced team focused on growth and operational excellence
…strengthened by an experienced team of professionals focused on growth and operational excellence Tomislav Petra Dubravko Igor Mladen Iva Eldar Marija Glavaš Vučinić Folnović Kolar Veber Vitik Banjica Radovanović Function: CEO CFO CEO CSO CEO CFO CEO CFO Finance, Finance, Finance, Client Relationsh
Slide 22: Business Verticals
Business Verticals 22
Slide 23: High-tech BPTO Group
High-tech BPTO Group… Key information 2025. • Vertical operates under the Mplus brand and provides services related to technological transformations of businesses EMPLOYEES CLIENTS NUMBER OF AI • Highly diverse base of satisfied clients with no concentration risk, with an extremely INTERACTIONS low
Slide 24: BPTO continues to achieve high and sustainable growth rates
…continues to achieve high and sustainable growth rates Revenue Geographical revenue distribution Adjusted1 EBITDA in € M in € M 11% CAGR 3% 23 % YoY growth 8% 3% 5% 280 9% € 257M 43% 3% CAGR 20 % YoY growth 257 revenue 228 228 209 2025 12% 35 35 37 35 42 18% Turska Turkey Hrvatska Croatia Njemačka
Slide 25: Foundations built for expansion into new verticals
Foundations built for expansion into new verticals BOSQAR GAINS A REPUTATION FOR OPERATIONAL EXCELLENCE AND RAPID GROWTH Companies acquired by Mplus achieved on average triple -digit growth in the first two to three years after the acquisition, which is proof of the strength of management and integr
Slide 26: One of the regional leaders in the HR industry
One of the regional leaders in the HR industry... Key information 2025 • With the launch of the Workplace Group in 2023, BOSQAR established the EMPLOYEES CLIENTS CONTRACTED HR vertical – a leading regional provider of HR services CANDIDATES • The Workplace Group operates under the Manpower brand, on
Slide 27: HR growth through organic expansion and acquisitions
…created by a combination of organic expansion and strategic acquisitions, with strong profitability growth Revenue Geographical revenue distribution Adjusted1 EBITDA in € M in € M 3% 25% CAGR 4% YoY growth 6% 14% 38% € 123M 123 120 125 revenue 116 44% CAGR 103 % YoY growth 23% 2025 79 21% 7 6 3 3 3
Slide 28: Strategic pivot towards the food industry
Strategic pivot towards the food industry EXPERIENCE IN LEADING AND EXPANDING BUSINESSES IN COMPLEX INTERNATIONAL ENVIRONMENTS By establishing two complementary verticals, we have significantly improved the profitability of the acquired companies with strong potential to increase the number of clien
Slide 29: Food vertical with high ambitions
Food vertical with high ambitions… Key information 2025 • Future Food is a platform for regional consolidation of the food EMPLOYEES MEAT AND PRODUCTS WHEAT sector , organized through two key sub -verticals : food/agriculture and SOLD bakery • The agri -food vertical, through Panvita , encompasses t
Slide 30: Strong operational results of the Food vertical
…and strong operational results Pro-forma1 revenue Pro-forma1 revenue breakdown by Pro-forma1 adjusted2 EBITDA in € M segment in € M 60% YoY growth 61% YoY growth 512% 550% € 335M 39% YoY growth YoY growth 342 Pro -forma 2 335 revenue 61% 2025 49 52 133 135 8 8 Bakery 2024. 2025. Q1 2025. Q1 2026. F
Slide 31: Building food sovereignty, resilience and self-sufficiency
We are building food sovereignty, resilience and self- sufficiency VISION TO BECOME A REGIONAL LEADER IN THE FOOD SECTOR, GIVING A STRONG BOOST TO DOMESTIC PRODUCTION AND FURTHER STRENGTHENING THE ECONOMY OF CROATIA AND THE REGION Future Food Bakery Food -agriculture industry • Leading regional bake
Slide 32: Mlinar Group - the largest bakery group in the region
Mlinar Group - the largest bakery group in the region Key information 2025. • The largest bakery group in the Adria region , with more than 320 own EMPLOYEES BAKERY PRODUCTS EXPORT MARKETS sales points and presence in 14 export markets SOLD • A fully integrated business model – from production and d
Slide 33: Panvita – vertically integrated production chain
Panvita – vertically integrated production chain Key information 2025 • Panvita Group operates in the agriculture and meat/meat products EMPLOYEES CULTIVATED WHEAT ANIMAL FEEED segments through a fully vertically integrated business model LANDS PRODUCTION PRODUCTION • Led by an experienced team of p
Slide 34: PIK Vrbovec - the leading meat conglomerate in Croatia
PIK Vrbovec - the leading meat conglomerate in Croatia Key information 2024 • PIK Vrbovec , founded in 1938, is the leading meat conglomerate in Croatia REVENUE1 FOREIGN MARKETS MARKET SHARE2 and the region , engaged in the production, sale and distribution of fresh MINCED MEAT red meat and meat pro
Slide 35: Vision of a regional agri-food leader through acquisition of PIK Vrbovec
Vision of creating a regional vertically integrated agri-food leader through the acquisition of PIK Vrbovec Key information • The strategic acquisition of PIK Vrbovec creates a leading, vertically REVENUE EBITDA MEAT MARKET RED MEAT integrated food player that, together with Panvita , would account
Slide 36: Long-term vision for a sustainable and balanced business model
Long-term vision to build a modern regional group with a sustainable and balanced business model Financial indicators by verticals 2025, in € M 1,016 The results so far Laid foundations Building a confirm the that enable resilient and stability and further stable long-term 614 resilience of the and
Slide 37: Offering Terms
Offering Terms 37
Slide 38: Overview of Offering Terms
Overview of Offering Terms Transaction Secondary Public Offering (''SPO'') Countries Republic of Croatia and Republic of Slovenia Listing Official market of the Zagreb Stock Exchange (ZSE) Securities identifier / ISIN MRUL -R-B / HRMRULRA0008 Issue type Issuance of new ordinary registered shares Num
Slide 39: Expected Timeline of the Offering
Expected Timeline of the Offering Start of the Bookbuilding Period in the First Round Monday, June 1 , 2026 Start of the Bookbuilding Period in the Second Round Monday, June 1 , 2026 May End of the Bookbuilding Period in the Second Round Wednesday, June 10 , 2026 P U S Č P S N 1 2 3 Decision on the
Slide 40: Why BOSQAR INVEST?
Why BOSQAR INVEST? 40
Slide 41: Why BOSQAR INVEST?
Why BOSQAR INVEST? Diversified portfolio Proven business Strong financial Returning value to Use of proceeds of market leaders in model and reputation profile and low shareholders through intended for business resilient industries of operational relative indebtedness dividend policy and expansion ex
Slide 42: BOSQAR INVEST
BOSGQAR INVEST
Slide 43: Appendix
BOS@AR INVEST
Slide 44: Consolidated Profit and Loss Account
Consolidated Profit and Loss Account €M 2023 2024 2025 Q1 2025 Q1 2026 Pro-forma revenues 293 ,0 484 ,0 737 ,0 Total revenue 292 ,9 379 ,4 628 ,2 126,3 173,4 Changes in inventory - (2,0) (0,8) 2,1 3,1 Costs of raw materials (2,6) (10,6) (87,1) (12,8) (27,4) Cost of goods sold (2,4) (4,1) (36,1) (8,3
Slide 45: Consolidated cash flow statement
Consolidated cash flow statement €M 2023 2024 2025 Q1 2026 Cash generated from operating activities before changes in working capital 40 ,7 40,5 66,9 16,7 Cash used in business activities (2,4) (20,0) (7,8) (26,8) Interest paid - - - (3,5) Corporate Income Tax Paid (2,2) (3,4) (5,5) (0,9) Net cash (
Slide 46: Consolidated balance sheet
Consolidate balance sheet €M 2023 2024 2025 Q1 2026 Non-current assets 129,2 289,4 489,4 490,2 Inventories 1,5 18,1 26,4 28,4 Trade receivables 43,2 63,8 84,1 96,6 Cash and cash equivalents 50,6 112,0 119,6 130,3 Other current assets 16,9 33,7 61,1 79,0 Current assets 112,2 227,6 291,2 334,4 TOTAL A
Slide 47: Shares and SLB bonds on the ZSE
Shares and SLB bonds on the ZSE Shareholders Shareholders Stock Exchange ZSE 3.41% 1.16% 5.62% 52.0% ORSO GLOBAL D.O.O. 9.1% PBZ CO OMF OPF ISIN HRMRULRB0008 3.42% 8.9% ERSTE PLAVI OPF OMF ZSE ticker BSQR 7.98% 8.4% Fond NEK Number of shares 11,784,370 8.0% AZ OPF OMF 8.41% 52,0% 3.4% RAIFFEISEN OPF
Slide 48: Investor relations ir@bosqar.com
Investor relations ir@bosqar.com 48