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Fortenova Group Closes Refinancing Agreement with Europe’s Leading Banking Group News
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Fortenova Group Closes Refinancing Agreement with Europe’s Leading Banking Group
25.07.2025.

– Fortenova Group refinances debt of EUR 550 million with largest corporate financing in Croatia arranged by Zagrebačka banka and UniCredit Group –

Fortenova Group signed an agreement today to refinance its existing debt in the amount of EUR 550 million with Zagrebačka banka and UniCredit Group. The effective date of the refinancing is 1st October 2025.

With this arrangement, which is the largest private corporate financing in the Republic of Croatia arranged by only one banking group, Fortenova Group has taken an important step in the further stabilisation and strengthening of its financial position. It is also the first bank financing realised by the Group on the market since its foundation in 2019. Since then Fortenova has systematically been implementing its deleveraging strategy by divesting assets and increasing profitability, whereby it was able to significantly reduce its leverage. Today its net financial debt to operating profit (EBITDA) ratio is within the range that corresponds to investment credit rating.

With this move, Zagrebačka banka and UniCredit Group have once again demonstrated to have recognised the strategic importance of Fortenova Group’s operations on the markets of Southeast Europe. As banks headquartered in the European Union, they have proved to have the capacity to compete with global financial institutions when it comes to providing support to large and important business systems.

“We are proud to have signed the refinancing agreement with our partner of many years, Fortenova Group, today. The transaction that we have realised as lead creditor together with UniCredit is the largest transaction on the Croatian corporate banking market and, as we believe, also an important support for the Group to rely on in its further plans. This is yet another proof of UniCredit’s strategy as one of Europe’s leading banks and its key role in the development of strong European companies and the European economy” – said Dalibor Ćubela, President of the Management Board of Zagrebačka banka, on the occasion of signing the agreement.

“This agreement is the grand finale of the period over the course of which we were able to bring Fortenova Group, within only a year’s time after the completion of its ownership transformation, to a leverage level that enables it to enjoy financing conditions offered to companies with investment credit rating. Behind us there are numerous key operations – from the divestment of non-core parts of the Group to a number of processes implemented to additionally consolidate and improve the business through operational restructuring and strengthening the cost efficiency of our companies. The result are growing revenues and operating profits in all our key segments. At the same time, we have set a clear strategic framework for the forthcoming development period, where our focus will be on retail, food and beverage production and distribution. Thanks to the more favourable financing terms and conditions, we will be able to support those activities with new investments to a much greater extent than before” – said Damir Spudić, Fortenova Group’s Member of the Board of Directors and Chief Financial Officer, commenting on the agreement.

“Since the beginning of Fortenova Group’s activities in 2019 until today we have reduced the gross debt from EUR 2 billion to EUR 650 million, and at the same time we have more than doubled the Group’s EBITDA. Following the change in ownership and the exit of sanctioned shareholders from our structure, we were able to fully dedicate our attention to the business, to restructuring the operational and real estate portfolio and to implementing our vision of the Group’s future – with significantly better conditions to accomplish the goals set. I would like to thank Zagrebačka banka and UniCredit Group for the trust placed in us and look forward to our further collaboration. Today’s date bears a special symbolic value, too – it is exactly six years since our Shareholders’ Assembly confirmed the first financing agreement with HPS. We owe them a great debt of gratitude as well, because they supported us financially at times when, due to the complex ownership and credit structure and unfavourable global circumstances, that was neither easy nor usual. However, this very support additionally motivated us to change the circumstances to our advantage as soon as possible. Today’s agreement bears witness to the fact that we have succeeded in doing so” – said Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors.

“We are happy that it was Zagrebačka banka, as Croatia’s leading bank, to enable the financing of the largest Croatian company, which is with its more than 45 thousand employees also the largest private employer in the region. I am proud of the Zagrebačka banka team, which was able – through the exceptional collaboration with the client and the parent Group – to realise a very complex transaction, which is also the largest one on the Croatian corporate banking market. With this financing we have continued to strongly support the food sector, as well as the entire economy of Croatia and the region” – added Aleksandra Rašić, Member of the Management Board of Zagrebačka banka for Corporate Banking.

Fortenova Group’s New Investment Raises Domestic Production of Cucumbers by 50 % News
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Fortenova Group’s New Investment Raises Domestic Production of Cucumbers by 50 %
08.07.2025.

Moslavina voće, a Fortenova Group company and an important Croatian agricultural producer, invested almost EUR 350,000 this year in a cornichon cucumber plantation spreading across 7.2 hectares. This high-quality cucumber sort is primarily intended for processing and pasteurisation, and due to this investment its domestic production has been increased by 50 %. 

Namely, over the last 15 years the production of cornichon cucumbers in Croatia was significantly reduced. Back then, around 2500 tonnes were being purchased, while today the purchased quantities are around 500 tonnes. This year already, the new plantation is expected to yield around 250 to 300 tonnes, which is half of the total quantities purchased from small farmers across the country, while over the next years it is planned to further increase the production on our plantation.

On this occasion Ivona Tupek, Managing Director of Moslavina voće, stated that this was a unique plantation in this part of Europe, equipped with a so-called FLAT hail protection net and an irrigation system from the company’s own lake.

„Over the previous years we were witnessing a shortage of some vegetable cultures, including cornichon cucumbers which are used for pickling. This is a sensitive culture, and investments in irrigation and fertirrigation, as well as hail protection, have set new standards in the domestic agricultural production. Although Croatia used to have a strong tradition in growing cornichons, until recently the production was almost about to become extinct. The large new plantation is a great step forward in revitalizing that culture, as well as a signpost for sustainable and modern agricultural production in Croatia”, Tupek said.

The investments followed after a major challenge last year, the first year of planting cornichon cucumbers, when in July 2024 hail destroyed the plantation immediately after commencement of the harvest. This year’s yield is mainly of premium quality (first class), and the deliveries to Naturala, the largest domestic buyer of cornichons, have already started. By way of reminder, Naturala is also part of Fortenova Group, which additionally strengthens the connections and synergy within the system and provides consumers with high-quality domestic products on the shelves.

In addition to growing cornichon cucumbers, Moslavina voće is also Croatia’s largest producer of apples, with an impressive 263 hectares of total area, whereof 160 hectares are covered with plantations featuring more than 650,000 apple trees. The largest apple orchard in Croatia, Obreška, is located in the hilly area around Kloštar Ivanić, where the first plantations were raised in 2004 and modernized in 2017.

Fortenova Group publishes its fourth Sustainability Report News
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Fortenova Group publishes its fourth Sustainability Report
27.06.2025.

– An operational overview for 40 Group companies was voluntarily prepared in accordance with global sustainability reporting standards –

Fortenova Group published its fourth Sustainability Report today.

The complete and comprehensive overview of the Group companies’ 2024 operations was prepared, like in the previous years, in accordance with the Global Reporting Initiative’s (GRI) sustainability reporting standards, also taking into account the guidelines of the EU Corporate Sustainability Reporting Directive (CSRD). In particular, given that reporting under the CSRD is about to become mandatory in the near future and with regard to the complexity of the process, as well as the fact that the reporting includes as many as 40 operating companies, Fortenova Group has started its alignment with future regulatory requirements.

„Although we are not yet obligated to report in accordance with the regulations awaiting large companies, we have decided to voluntarily prepare this Report partly following the new standards in order to set up a system to identify the sustainability of our own economic activities which will enable us to follow them tomorrow, once they become obligatory. Namely, in spite of external and internal difficulties, we strongly believe in the transition of the entire economy towards green economy, as well as in our own contribution thereto – from the reduction of GHG emissions to driving circular economy. This is simply not an obligation, but rather our responsibility for future generations” – explained Fabris Peruško, Fortenova Group’s Chief Executive Officer and Member of the Board of Directors in his introductory letter to the Report.

As in previous years, the Report itself covers all aspects of the Group’s business operations and offers insight in the status of key topics that constitute the strategic framework of Fortenova Group’s sustainability. The Report also includes information on the operations of companies from the Agriculture Division, which Fortenova Group formally divested in January 2025.

One of the major strides in the area of sustainability in 2024 was the adoption and public disclosure of Fortenova Group’s Supplier Code. The Code sets the fundamental values for running business operations in accordance with high social responsibility standards, including environmental care, social matters and efficient governance. The Code’s main objectives focus on the identification and promotion of corporate social responsibility and the creation of a sustainable and profitable business that improves the Group’s overall value. This can be achieved by aligning business operations with key principles such as business ethics, respect for working conditions and human rights, environment protection, occupational health and product quality assurance.

The role of Fortenova Group as food manufacturer and retailer also comprises the promotion and strengthening of the local communities’ economies and the care for consumer needs when it comes to healthier diet and fresh products. With that in mind, the Retail and Wholesale Division exerts efforts to support local producers and offer its consumers the best local values.

Through its project “The  Best from Croatia”, over the course of 2024 Konzum HR continued to expand the availability of products made by small local producers and family farms, additionally strengthening their market presence. The number of stores where customers can find this special assortment is 92. The success of the project is also visible in the increase in turnover in that category, which grew by a significant 19 percent in a year-on-year comparison. At the end of 2024 the assortment included 339 different products made by 59 producers.

When it comes to environment protection, numerous initiatives have been continued, with the most significant ones that are related to the reduction of emissions, water recycling and food donations singled out below.

Following the completion, in collaboration with the Hrvoje Požar Institute, of the carbon footprint calculation from all identified sources for 40 companies from five markets engaging in various activities from retail and wholesale, food and beverage production and agriculture to IT services, in 2024 studies were prepared on the carbon footprint reduction. The year 2022 was defined as the base year for the studies and each Group company was provided with its own study and basis for the implementation of measures to reduce their carbon footprint, with the implementation of all measures planned to take place in the period from 2025 to 2030.

When it comes to water, a key resource and one of the key production raw materials, in 2024 Fortenova Group companies recycled and reused more than 25 million litres of water. Four companies have actively implemented water recycling systems, using recycled water for different functional purposes. In the Food Division, for example, water is reused for washing the production premises and for cooling equipment, thus significantly reducing the overall consumption of fresh water.

A number of individual initiatives introduced by Group companies are related to environmental, social and governance topics, with a positive impact on all markets where the Group operates – among customers, clients, business partners and in the local community, as well as among their employees and other stakeholders. It is certainly worth noting again that in 2024 Konzum HR for the seventh consecutive time won the title of The Best Donor, having in 2023 donated as much as 480 tonnes of food in the total sales value of EUR 1.64 million net of VAT, which represents the so far highest amount of donations and accounts for more than one third of all food donations in Croatia.