Studenac: revenue rises 12.5%, but losses also grow

Studenac recorded revenue of €854.4 million in 2025, up 12.5% on the previous year, but ended the year with a loss. Figures from its audited financial statements, reported by Croatian news outlet tportal, show why sales growth alone is not enough to assess business performance. For those considering franchise opportunities in Croatia, this is an important distinction when comparing investments and assessing the market.

Revenue grows, but the bottom line remains negative

In an article about Studenac’s business difficulties published on 23 September 2026, tportal referred back to its May analysis of Croatia’s largest retailers’ performance in 2025. In that analysis, journalist Zoran Korda noted that Studenac had ended the year with a loss and highlighted that the loss had widened.

The specific figure cited in the September article from the audited financial statements relates to Studenac d.o.o., a Croatian limited liability company: revenue for 2025 totalled €854.4 million, representing annual growth of 12.5%. The research supplied does not give the exact loss, so it is not possible to calculate the loss as a proportion of revenue.

That limitation matters. The available figures support the conclusion that revenue grew while the company remained loss-making and its bottom line deteriorated. They do not, however, allow a precise assessment of how much the loss widened or which individual cost contributed most to it.

What the revenue figure tells us — and what it does not

Revenue growth of 12.5% shows an increase in the company’s reported revenue compared with the previous year. On its own, it does not reveal whether existing shops performed better, how much additional locations contributed to growth, or what role changes in prices or sales mix played. The research supplied contains no such breakdown.

This figure should therefore not be presented as proof that every shop increased its sales or that the network became more efficient. Such conclusions would require additional, comparable measures. Equally, revenue is not the same as profit: an increase in total revenue can accompany a loss, as the reported figures for Studenac demonstrate.

For readers following Croatia’s franchise sector, another caveat is worth noting. These figures relate to a specific company, not to the performance of the Croatian franchise sector as a whole. The sources supplied also do not establish whether Studenac’s shops operate as franchises. The figures should therefore be read as retail market news, not as an indicator of franchise performance.

September reports provide context, but call for caution

Alongside its discussion of the annual results, tportal’s September article reports payment delays and debts owed to suppliers. It cites reporting by Tihana Tomičić of Novi list. According to that account, suppliers confirmed the debts to her unofficially, with Fortenova, Podravka and Atlantic among the companies named.

These reports are not the same kind of evidence as revenue figures drawn from audited financial statements. An annual financial measure describes performance over a defined accounting period, whereas the September reports describe difficulties in meeting payment obligations at that time. Considering them together provides context, but is no substitute for a detailed financial analysis.

Dalmacija Danas also published a report on Studenac’s serious difficulties that day. However, the supplied extract provides no further breakdown of annual revenue or losses. The key distinction in this story therefore remains between the confirmed revenue figure and the limited information available on other measures. The possibility of bank accounts being blocked, raised in the headline, should not be treated as a claim that this had already happened.

A lesson in interpreting data for the franchise sector

This news provides no basis for ranking franchise concepts or drawing conclusions about the Croatian market as a whole. It does, however, offer a concrete reason to read business results more carefully. High revenue, its rate of growth and bottom-line profitability are different measures that need to be considered together.

When considering a franchise opportunity, it is useful to ask for a clear explanation of what the figures presented cover: the entire network, an individual company or a single outlet. It is equally important to check the comparison period and whether profit or loss figures are provided alongside revenue. These are recommendations for due diligence, not conclusions about individual Studenac locations.

Practical takeaway: treat revenue growth as the start of your analysis, not the end. Before making a decision, ask for comparable financial results, a clear definition of what the data covers and an explanation of what the published figures do not reveal.