Current opportunity · Entry into co-ownership · Koykan Group

Co-ownership in the group behind every Koykan restaurant.

An investment in the co-ownership of the Koykan Group – the company at the top of the structure, which owns the brand, the recipes and the franchise system, and which stands behind every restaurant and every capital channel. As a co-owner you grow with the entire system: every new location, every new market and every new channel builds the value of what you own. The circle of co-owners is being filled deliberately, up to one thousand small investors – before funds and strategic partners enter the ownership structure.

from €5,000

The minimum investment that opens the path to co-ownership of the group

1,000 places

The target circle of small co-owners before institutional capital enters
Express your interest
Phase open, closing planned by the end of summer 2026.
A queue at the counter - a format that attracts regular guests.
A recognisable restaurant format - the same standard at every location.

In 30 seconds

The investment opportunity in plain words.

Koykan is a street-food chain that has been growing from Zagreb towards Europe since 2012. Koykan is present in four countries with 9 successfully opened restaurants, and is building its network towards more than 100 locations by 2030. At the top of it all stands the group – the company that owns the brand, the recipes and the franchise system, and that earns from the entire network: directly from its own restaurants, and from partner restaurants through franchise fees.

That group has been built by small investors from day one: more than 500 of them have invested over EUR 3 million, and most have already collected two interest coupons. Now the circle is deliberately widening to one thousand co-owners – before funds and strategic partners enter the ownership structure. After that, entry this accessible, from a few thousand euros, will no longer be possible in the same way.

Entry is simple: you subscribe to a development bond of EUR 5,000 or more, it carries a fixed 7.5% per year, and along with the interest you also receive a co-ownership option – a right, not an obligation, to convert your principal into shares of the group during the term. How subscription, decision and conversion work technically is explained below on the page how it works.

The investment opportunity in brief

The ownership top of the Koykan story, open to small investors.

Co-ownership in the group is the highest of the four Koykan capital channels: while the development channel builds one cycle of new restaurants and the income channel holds established locations, co-ownership in the group covers everything – the brand, the system, all restaurants and all channels. That is why it carries the greatest long-term potential, but also the highest risk profile. Entry is open through a development bond with a co-ownership option, until the circle of one thousand co-owners is filled.
The top of the structure
You become a co-owner of the company at the top of the structure – the one that owns the brand and the system and that stands behind every restaurant and every capital channel, in all the countries where Koykan operates.
500+ investors before you
That many small investors have financed Koykan from day one, with more than EUR 3 million of invested capital. Most have already collected two interest coupons – a history of orderly payments exists and can be verified.
A circle of 1,000 co-owners
The circle of co-owners is being filled up to one thousand small investors – deliberately before funds and strategic partners enter the ownership structure. That is why entry is open right now.
Option threshold: €5,000
The development bond threshold from which, alongside fixed interest, you also receive the co-ownership option. A bond without the option is available from EUR 1,000, but without the path to co-ownership.
7.5% per year
Until any conversion your capital does not sit idle: the bond carries a fixed 7.5% per year, paid every six months, regardless of business results.
The decision is yours
You choose conversion yourself, during the term of the bond, and at the latest six months before maturity. If you do not choose it, the bond is duly paid out: interest plus principal.

What you become as a co-owner

One stake, the entire system.

As a co-owner of the group you own the top of the structure – the company behind the brand, the system and all channels. Here is what that concretely means for what you hold.

Co-owner of the brand and the system

The group owns the Koykan brand, recipes, technology and franchise system. Every restaurant in the network – own or partner – operates under that roof: own locations bring the group earnings directly, and partner locations through franchise fees. Your shares are a stake in that source.

Network growth works for you

The value of the group is not built by a single location, but by the pace of the entire network: today nine restaurants in four countries, 20 new locations under construction with operating partners, and the long-term goal is more than 100 restaurants by 2030. Every one of those steps increases the business that stands behind your shares.

Above all platform channels

The development and income channels and the bonds finance individual parts of the growth – and the group stands behind all of them. As its co-owner you participate in what all the channels build together, without having to choose an individual project or cycle.

Long-term scenarios

The group’s goal is a stock exchange listing once the circle of co-owners is filled and the network is built. Until then, co-ownership is a long-term position: value is built through the growth of the system, and realised through future dividends, strategic transactions or the sale of shares after a possible listing. A direction, not a promise with a date.

Why now

One thousand places before the funds arrive.

Koykan is entering a phase in which the ownership structure is changing: strategic partners and institutional capital are arriving. That is precisely why the circle of small co-owners is being filled now – while entry is still available from a few thousand euros.

Small investors were first

Koykan did not grow on funds, but on more than 500 small investors who invested over EUR 3 million from day one. Most have already collected two interest coupons – the group has a multi-year history of orderly payments to its investors.

More than 300 already on the path to co-ownership

Through earlier bond cycles more than 300 investors have qualified for the transition into co-ownership, and their transition is being carried out in the second half of 2026. The circle, therefore, is not only opening now – it is already being filled.

Institutional capital at the door

Strategic partners are entering the ownership structure, followed by Series A, the first larger round intended for funds. The partnership with Xela Group, an operator of more than 20 restaurants of global franchises in southern Germany and Austria, has already opened the German market: 10 locations are being built together in Bavaria, worth around EUR 5 million, and the German public channel will raise capital on the m:access market of the Munich Stock Exchange.

After that - different rules

This fundraising phase is planned to close by the end of summer 2026. After institutional capital enters, entry into co-ownership this accessible, from a few thousand euros, will no longer be possible in the same way.
A proven product and a format that attracts regular guests.
The capital structure presented to investors at the Kapital 2030 forum.
9 restaurants
In four European countries: Croatia, Germany, the Czech Republic and Slovakia, with new locations under construction.
> €90,000
Annual operating earnings (EBITDA) per location, after operating costs.
Since 2012
Since then Koykan has been building the brand, the technology, the franchise concept and the network of locations – fourteen years of operational experience on which this programme rests.

The group in numbers

What your stake stands on.

Co-ownership only makes sense if there is a real business behind it. These are the numbers of the network on which the value of the group rests – and with it the value of every stake.
Restaurants in the network 9 in 4 countries
Annual revenue per location €500k – €1.25m
Operating earnings (EBITDA) per location > €90,000
Estimated business EBITDA in 2026 > €1m
Koykan has been operating since 2012
One option, three programmes

Co-ownership top of the group · Development new locations · Income dividend from established

The same option from the development bond (from EUR 5,000) opens all three programmes. Co-ownership in the group – the subject of this page – covers the entire system and carries the highest potential, but also the highest risk profile. The other two lead into individual platform channels.

Co-ownership: shares of the group, value grows with the entire network, the brand and all channels, conversion at the final valuation of the group, a long-term horizon towards a stock exchange listing.

Development: shares of the Koykan Growth company that builds new Koykan locations – returns from the sale of established restaurants, through share buyback offers and a dividend for the remainder.

Income: shares of the Koykan Income company that holds established restaurants – returns through an annual dividend from their results.

Before deciding you receive the documentation of each programme and personal support from the investor relations team. All details of the development and income programmes can be found on their own pages.

Forward-looking statement

This page is an informative summary and does not constitute an offer, an invitation to invest or a recommendation. Co-ownership is an equity position: the value of the shares depends on the group’s business and is not guaranteed. Binding terms and the complete list of risks are set out in the issuer’s Information Document.

How it works

From subscription to co-ownership, in three steps.

The path to co-ownership leads through a development bond – and that is deliberate: your capital carries fixed interest from day one, while you make the co-ownership decision later, informed and without pressure.
Step 1

Subscription of the development bond

You subscribe to a development bond of the group of EUR 5,000 or more – that is the threshold which, alongside fixed interest of 7.5% per year, also includes the co-ownership option. The bond is registered with the market regulator, interest is paid every six months, and the issue is coordinated by a specialised adviser for the execution of the issue.
from €5,000 · 7.5%
Step 2

A decision during the term - a right, not an obligation

During the term of the bond, and at the latest six months before maturity, you decide whether to exercise the option: to move into co-ownership of the group, into the development or income channel – or to stay on the bond until payout. Before deciding you receive the documentation of each programme, and investors holding the option also have personal support from the investor relations team available.
your choice · 7.5% · no pressure
Step 3

Conversion into shares of the group

If you choose co-ownership, the principal of the bond is converted into shares of the group at the final valuation – the value of the entire group determined at the moment of conversion, according to the methodology from the issue documentation.
final valuation
THE BOND AND SHARE MODEL
An investor in co-ownership of the group does not enter through a direct purchase of shares, but through a development bond with an option: capital carries a fixed 7.5% per year from day one, and the right to co-ownership is activated only by your decision.

Why a bond at entry? The entry of new co-owners into the group is a formal corporate event that is not carried out for each individual payment, while small investors arrive continuously. The bond joins those two rhythms: every payment works immediately at a known interest rate, and moves into co-ownership in an orderly way, through a single corporate action for everyone who has chosen the option.

Conversion is carried out at the final valuation – the value of the entire group determined at the moment of conversion. That is the difference compared with the development and income channels, where entry bonds are converted into shares of the channel companies 1 : 1 according to the amount paid in: there you enter a single channel company, while here you enter the top of the structure – the group that stands behind all channels, so your number of shares is determined according to its value at that time. The methodology for determining the valuation is described in the issue documentation.

The safety net: the option is a right, not an obligation. If you do not exercise it, the bond remains what it is – 7.5% fixed per year over three years and repayment of the principal at maturity.

Timeline

From subscription to co-ownership, step by step.

  • Subscription (open)
    The development bond with a co-ownership option is subscribed from EUR 5,000. The fundraising phase is planned to close by the end of summer 2026.
  • Bond phase
    Capital works at a fixed 7.5% per year, with interest paid every six months. Without any obligation towards the option – until your decision.
  • Second half of 2026
    The transition is carried out for investors from earlier cycles who have already qualified for co-ownership – more than 300 of them. The same mechanism awaits new investors.
  • At the latest 6 months before maturity
    The deadline by which you choose: co-ownership in the group, the development or income channel – or repayment of the bond at maturity.
  • Conversion
    For those who choose co-ownership: conversion of the principal into shares of the group at the final valuation, as a corporate action at the SKDD.
  • Long term: the stock exchange
    The group’s goal is to gather one thousand co-owners before a stock exchange listing. A listing is a direction, not a promise with a date – until then co-ownership is a long-term position.

Risks

What you should know before investing.

Key risks

  • Investing in securities carries risk, including the risk of losing part or all of the invested principal.
  • Co-ownership in the group is an equity position: the value of the shares depends on the business of the entire group and can rise, but also fall. The return is neither guaranteed nor known in advance.
  • The final valuation is determined at the moment of conversion, so the number and value of the shares you receive are not known in advance.
  • The group’s shares are not currently listed on a stock exchange: until a possible listing, liquidity is limited, so co-ownership should be viewed as a long-term position.
  • If you do not exercise the option, you remain on the bond at 7.5% with repayment at maturity – with issuer risk still present.
  • Binding terms, fees and the complete list of risks are set out in the issuer’s Information Document – the official issue document with binding terms. Read it before making a decision.

Take your place among one thousand co-owners.

Leave an expression of interest and we will contact you personally – with the issuer’s Information Document, the terms of the co-ownership option and the subscription steps. An expression of interest is a non-binding registration, not a payment. We answer every enquiry personally.
Express your interest
Co-ownership option from €5,000 · 7.5% fixed until conversion · Phase closing planned by the end of summer 2026.

Frequently asked questions

Short and clear.

In the path towards co-ownership of the Koykan Group – the company that owns the brand, the recipes and the franchise system and that stands behind all restaurants and capital channels. Technically, you are investing in a development bond with an option: the interest is fixed, and you become a co-owner only if you choose conversion yourself.
At the final valuation – the value of the entire group determined at the moment of conversion, according to the methodology from the issue documentation. Unlike the development and income channels, where conversion is 1 : 1 according to the amount paid into the channel company, here you enter the top of the structure, so the number of shares is determined according to the value of the group at that time.
No. The option is a right, not an obligation. You make the decision during the term of the bond, at the latest six months before maturity. If you do not exercise it, the bond is duly paid out: 7.5% fixed per year and the principal at maturity.
Because small investors built it: more than 500 of them invested over EUR 3 million from day one. The goal is to round that circle out to one thousand co-owners before funds and strategic partners enter – after that, entry this accessible will no longer be possible in the same way.
Yes. The same option from EUR 5,000 opens three programmes: co-ownership in the group, the development channel (construction of new locations) and the income channel (dividend from established restaurants). Before deciding you receive the documentation of each programme and personal support from the investor relations team.
Co-ownership is a long-term position. The group’s goal is a stock exchange listing, after which the shares would trade at a market price; until then liquidity is limited. Other scenarios are also possible, such as strategic transactions – all of these are possibilities, not guarantees.
Yes. The issue of the development bond is carried out in accordance with regulations and under the coordination of a specialised adviser, and the binding terms are described in the issuer’s Information Document. This page is an informative summary and does not constitute an offer or an invitation to invest.
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