Croatia’s Mlinar grows EBITDA 33% in 2023

Total revenue increased to 163.3 million euro last year, up 17.6% compared to 2022, Mlinar said in a press release.

The strong business results also continued in the first quarter of 2024, when the group registered an 18% annual growth of revenue.

Sales show strong growth in all categories last year when Mlinar sold overall 210 million pieces of bakery products. In its new investment cycle, the company plans to increase its capacity for production of pie in Osijek in 2025.

Besides sales in its own retail network and in retail chains in Croatia and the Adriatic region, Mlinar exports its products to markets like Romania, the Netherlands, Sweden, Switzerland and South Korea. Last year, it sold 39.8 million pieces of bakery products on more than 20 foreign markets, boosting its export revenue by 38%.

In the Adriatic region, the group serves a market of 16 million people. The group consists of Croatian and Slovenian arms, as well as the bakery business Hleb I Kifle in Serbia.

The group has 306 own retail stores, including 252 in Croatia, overall five in Slovenia and Serbia, and runs a franchise network of 20 stores in Bosnia.

Mlinar Group has 2,395 employees.

Private equity investor MidEuropa Partners in 2019 acquired a majority stake in Mlinar d.d. from its founder, Mato Skojo.

($= 0.922 euro)