In the first half of 2026, Bosqar Invest records strong growth driven by its food vertical, while Span invests in international expansion and competency development, putting short-term pressure on profitability.
Croatian companies Bosqar Invest and Span Group released their financial results for the first six months of this year on Thursday, July 31, 2026. While investment group Bosqar Invest posts double-digit growth in revenue and profitability, IT company Span Group, despite a 20 percent revenue increase, reports a significant drop in profit, which it attributes to investments in future growth.
In the first half of 2026, investment group Bosqar Invest generated operating revenue of €360 million, a 40 percent increase compared to the same period last year, as reported by Lider. At the same time, adjusted EBITDA reached €40 million, also marking a 40 percent jump.
Darko Horvat, Chairman of the Management Board of Bosqar d.d., the group's holding company, told Lider: "The first half of 2026 has once again shown that our growth model delivers results. We are simultaneously increasing revenue, profitability, and operational efficiency while maintaining a very strong capital position that allows us to continue investing and pursuing new acquisitions."
The main growth driver was the food business vertical Future Food, which, with revenue of €163 million, became the largest vertical within the Bosqar Invest group. Mlinar and Panvita were the primary growth engines, as they continued investing in production expansion and product innovation in the second quarter. Notable ventures include Mlinar's €12 million investment to double the capacity of its burek factory in Osijek.
A significant strategic step for the Future Food platform is the planned acquisition of a 100 percent stake in PIK Vrbovec from Fortenova Group. The closing of this transaction, which is still pending regulatory approvals, will be one of the largest investments in the history of Bosqar Invest.
Span Group generated operating revenue of €140.1 million in the first half of 2026, as reported by Poslovni dnevnik. This represents a 20 percent increase compared to the same period last year. Growth accelerated further in the second quarter, with revenue jumping 34 percent to €74.9 million. Bug.hr Tech cites a slightly different total revenue figure of €141 million, due to rounding.
Despite strong revenue growth, profitability declined. EBITDA excluding one-off items reached €5 million, a 40 percent decrease year-over-year, while net profit fell 70 percent to €1.5 million. The company attributes the profit decline to investments in international expansion, hiring, and the development of professional competencies.
"We knew that expanding operations and investing in the development of operations and expert teams would put short-term pressure on results, but these are investments we must make if we want to grow in the long term. In an industry that changes extremely quickly, those who lead are not the ones who wait but those who develop and build competencies before the market actively demands them. That is why we are deliberately investing in people, knowledge, and international business development," said Nikola Dujmović, Chairman of the Management Board of Span, in a statement to Bug.hr Tech.
The largest increase was recorded in software asset management and licensing, where revenue jumped 28 percent to €111.1 million. This segment now accounts for 79 percent of total operating revenue. Expansion into foreign markets is yielding results: although it has been operating for only a few months, Poland already contributes 12 percent of sales revenue. The highest growth in licensing was recorded in Poland and Slovenia, followed by Estonia.
Revenue from IT services and technical support increased by 9 percent to €12.9 million, while the software development and business solutions department grew 6 percent to €7.9 million. On the other hand, revenue from infrastructure services, cloud, and cybersecurity fell 25 percent to €8.2 million, which Span attributes to the seasonal nature of projects.
At the end of June, Span Group held €34.4 million in cash and cash equivalents and €31 million in financial debt, maintaining a net cash position of €3.4 million. During the first half of the year, Span also earned the prestigious Microsoft Frontier Partner Badge and was selected among 47 service providers in the EU Cybersecurity Reserve program, as the only Croatian company to pass the review for participation in this program intended for European Union institutions.
