Bosqar D.d. · ZSE:BSQR
Bosqar D.d — Debt Investor Presentation (May 2025)
31 slides from Bosqar D.d's debt investor presentation, May 29, 2025
Slide 1: Investor presentation
Investor presentation May 29th 2025 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. 1
Slide 2: Disclaimer
Disclaimer IMPORTANT: YOU ARE REQUIRED TO READ THE FOLLOWING BEFORE PROCEEDING. THE DISCLAIMER BELOW APPLIES This Presentation contains statements that are or may be considered "forward-looking statements". They are located in a number of places TO THIS PRESENTATION. FOR PURPOSES OF THIS DISCLAIMER,
Slide 3: Agenda
Agenda 1 Our Growth Model ………………………………………….…………………………………..……………………….. 4 2 Governance & Sustainability ……………………………………………………………………..………14 3 Our Business Verticals …………….…………………………………………….……….………………….. 19 4 The Offering ...…...……………………....………………..……………………….. .……………………….. 29 3
Slide 4: Our Growth Model
1 Our Growth Model 4
Slide 5: Brief overview of key information about BOSQAR
Brief overview of key information about BOSQAR BOSQAR …is a group whose original model of investing in and managing companies across multiple industries enables rapid growth INVEST... with the aim of developing business leaders in the regions where they operate Ownership The owners of Bosqar d.d. (“
Slide 6: Compelling investment highlights
Compelling investment highlights „Company builder and perpetual capital provider” holding a distinctive position in the market with substantial further 1 growth capabilities Significant experience in successful acquisitions and integration of companies from various business sectors (79 2 companies h
Slide 7: Evolution into a company builder through M&A activity
Evolution into a „company builder” through M&A activity 276 246 226 130 143 90 ZSE Market cap. 30 (EUR M)1 2016 2019 2020 2021 2022 2023 2024 2025 First acquisition ZSE IPO MidEuropa (MEP) ZSE SPO EUR 40m SLB2 EBRD EUR 60m Launching Future Food Further investments EUR 12m capital became strategic EU
Slide 8: Unique market positioning…
Unique market positioning… Business activities share in consolidated Group revenue The Group estimates that approximately one third of its revenues will come from the Food vertical Business activities starting in 2025 Markets – no. of countries 15 8 13 3 Education: 1) Subject to closing 2) The reven
Slide 9: … with diversified geographical footprint
… with diversified geographical footprint Revenue split by countries, FY Core markets 2024 4% 4% 6% 28% 11% EUR EUR 372M 10% 347M 19% 17% Turkey (28%) Serbia (19%) Croatia (17%) Germany (10%) Countries Slovenia (11%) Hungary (6%) Present in Croatia, Serbia, Bosnia and Herzegovina, Slovenia, Hungary,
Slide 10: Rapidly growing revenues and EBITDA via both organic growth and bolt-on M&A
Rapidly growing revenues and EBITDA via both organic growth and bolt-on M&A 65 Consolidated revenues (EUR M) 520 476 Consolidated EBITDA (EUR M) 52 54 55 420 47 372 41 41 43 45 320 293 35 30 +27% 220 +45% 25 21 179 18 126 14 94 105 15 11 120 87 6 43 5 20 2019 2020 2021 2022 2023 2024 1Q2024 1Q2025 -
Slide 11: BOSQAR further diversified its exposure to BPTO in 2024
BOSQAR further diversified its exposure to BPTO in 2024 Share of verticals in revenues (%) Share of verticals in normalized EBITDA (EUR M) 5% 6% 6% 7% 7% 7% 11% 27% 23% 11% 31% 7% 31% 9% 25% 95% 99% 89% 83% 71% 79% 73% 61% 63% 50% 2022 2023 2024 Q1 2024 Q1 2025 2022 2023 2024 Q1 2024 Q1 2025 BPTO HR
Slide 12: Financial stability positions BOSQAR well for further growth…
Financial stability positions BOSQAR well for further growth… Net debt(EUR M)* Net debt 1Q 2025. Share of own funding it total funding sources Net debt/consolidated normalized pro forma EBITDA structure (EUR M)* for last 12 months (LTM) (x) 900 50% 180 2.10x Cash&cash eqv. 800 45% 1.99x 40% 160 1.90
Slide 13: …and the continuation of intensive M&A activity
…and the continuation of intensive M&A activity in EUR M; FY 2023 data The information presented on this slide is illustrative overview of potential BOSQAR’s M&A pipeline, prepared under the Closing of the transaction in progress Revenue EBITDA assumption that certain acquisitions might happen in th
Slide 14: Governance & Sustainability
2 Governance & Sustainability 14
Slide 15: Governance
Governance M a n a g e m e nt b o a rd S u p e r v i s o r y B o rd , p ro fe s s i o n a l l y s u p p o r te d by 3 C o m m i tte e s • Audit Committee • Nomination Committee • Remuneration Committee Darko Horvat Tomislav Glavaš Vanja Vlak Tamara Sardelić Philipp Rösler Joško Miliša Ulf Gartzke An
Slide 16: Commitment to sustainability
Commitment to sustainability • Our approach to sustainability is based on three key pillars of action: "For our Selected sustainability achievements planet"; "For our people" and "For our partners" • Organizational Pillars: Ethical Principles and Quality Corporate Governance • The first SLB bond on
Slide 17: Performance indicators of an existing SLB bond
Performance indicators of an existing SLB bond The date of observation of the success of the achievement of both CBTs is 31 December 2024 • SPT #1: as of 31.12.2024 The Group must achieve a SPT 1 – Scope 1 and Scope 2 emission reductions reduction in absolute Scope 1 and Scope 2 greenhouse gas emiss
Slide 18: Framework document for the issuance of a new SLB bond
Framework document for the issuance of a new SLB bond Sustainalytics, as an independent evaluator, confirms: KPI is very strong: With business development and growth in the food represents a direct measure of the Group's environmental sector, the Group is entering a new area of performance sustainab
Slide 19: Our business verticals
3 Our business verticals 19
Slide 20: BPTO as the most important business vertical…
BPTO as the most important business vertical… • Mplus Group is a high-tech BPTO organization that provides services to clients across Europe Key facts1 and USA, with strong business model focused on tehnological transformation of the entire BPTO operations to provide high-quality services to its cli
Slide 21: …uniquely positioned in the market
…uniquely positioned in the market Nearshoring Attractive client mix • Nearshore delivery model provides typically higher margin due to labour cost arbitrage & • Highly diversified customer base with limited concentration risk and favourable labour laws (e.g., Turkey, CEE) low revenue churn rate (~3
Slide 22: BPTO continues to achieve significant growth rates
BPTO continues to achieve significant growth rates Revenues (EUR M) Revenues, geographic distribution (FY 2024, %) 270 Turkey 227.9 2% 220 208.6 14% Germany 3% 170.2 170 3% USA EUR 47% 120 +14% 5% Croatia 228M 55.0 62.9 Romania 70 26% Slovenia 20 2022 2023 2024 1Q2024 1Q2025 Other EBITDA normalized
Slide 23: HR vertical as one of the regional leaders…
HR vertical as one of the regional leaders… • BOSQAR has positioned itself as one of the regional leaders in the HR industry through Key facts1 its Workplace Group • Workplace Group Inc owns companies operating under the Manpower brand franchise (one of the strongest global brands in HR industry), M
Slide 24: …with over 1,500 diversified clients
…with over 1,500 diversified clients HR services ecosystem1 Attractive client mix TAILOR MADE ECOSYSTEM TO SUPPORT CLIENTS DURING THE PROJECT LIFETIME • Workplace Group serves top local and multinational clients across 81 countries Identifying the most suitable recruitment solutions and services • I
Slide 25: An impressive combination of organic and M&A growth
An impressive combination of organic and M&A growth Revenues (EUR M) Revenues, geographic distribution (2024 %) 140 115.8 120 Serbia 5% 3% 100 79.2 Bulgaria 16% 80 EUR 44% Hungary 60 +16% 116M Croatia 40 27.2 31.6 17% Slovenia 20 8.2 15% B&H 0 2022 2023 2024 1Q2024 1Q2025 EBITDA normalized (EUR M) 4
Slide 26: Future food - a new vertical with strong ambitions
Future food - a new vertical with strong ambitions • In October 2024, BOSQAR acquired a 51% stake in Panvita Group - one of Slovenia's leading agricultural and meat processing companies, with significant expansion potential in the region • Panvita Group has a long tradition dating back to 1922 and i
Slide 27: Panvita - integrated value chain
Panvita - integrated value chain • Panvita Group operates through two business segments, where both segments, primary Key facts1 (agriculture) and secondary (meat and meat products), contribute significantly to EBITDA; 700+ 3,500 45,000 • Panvita Group meets high quality standards and is focused on
Slide 28: Mlinar - the newest member of the BOSQAR family expected from June 2025
Mlinar - the newest member of the BOSQAR family expected from June 2025 • The largest bakery group in the Adria region, covering a market of 16 million inhabitants Key facts1 through Mlinar Croatia, Mlinar Slovenia, and HiK Serbia • The company was founded in 1903 in Križevci as the "First Križevci
Slide 29: The Offering
4 The Offering 29
Slide 30: Offering terms
Offering terms Issuer BOSQAR d.d. Country of the Offer Republic of Croatia, Republic of Slovenia Type of Security Non-subordinated and unsecured Sustainability- Linked bond Target Market Qualified investors Repayment and Maturity Bullet after 7 years Targeted Nominal Amount of the Issue Up to EUR 11
Slide 31: Indicative timeline of the bond issuance
Indicative timeline of the bond issuance* Start of the Offering period 10 June 2025 at 9:00 End of the Offering period 10 June 2025 around 14:00 Publication of the Final Price and the Allocation Notice 10 June 2025 Delivery of the Allocation Notice to Investors 10 June 2025 Delivery of the Payment I