Revenue and EBITDA growth, particularly in the refining segment, along with the announcement of continued major investments, marked the first six months of 2026 for the oil company.
According to unaudited financial data released on July 29, INA recorded a net profit of 150.9 million euros in the first half of 2026, up 172.4 percent compared to the same period last year. Sales revenue amounted to 2.15 billion euros, while total revenue, according to data from Lider and Poslovni dnevnik, reached 2.21 billion euros, up 20.6 percent year-on-year.
Profit from core operations rose to 168 million euros (from 47.5 million), and EBITDA more than doubled, from 139.2 million to 290.1 million euros. As stated in INA's report, "favorable external conditions, coupled with increased production in the Exploration and Production segment, positively impacted business performance."
A particularly strong result was achieved from April to June. Sales revenue in that period rose to 1.32 billion euros (from 872.8 million), and net profit surged by 470 percent, from 29 million to 165.4 million euros. EBITDA reached 232.9 million euros, compared to just 66.3 million a year earlier.
In the oil and gas exploration and production segment, EBITDA amounted to 172.6 million euros, up 26 percent year-on-year. Revenue rose 17 percent to 284 million euros, and profit from core operations increased to 110.3 million. According to INA, the result was supported by "a better pricing environment for natural gas and oil" and increased production due to overhauls in Croatia and Egypt, a new onshore well Jamarice-183, and the development well Ika A offshore. The company also signed an agreement with Vermilion Zagreb Exploration to acquire an additional 60 percent stake in the SAVA-07 exploration area, which would bring its share to 100 percent.
The biggest turnaround occurred in the refining and marketing segment. EBITDA surged 368 percent, from 28.6 million to 133.8 million euros, and instead of last year's loss of 20.6 million euros, a profit from core operations of 80.8 million euros was achieved. At the same time, the cost of goods sold jumped 74 percent to 705.1 million euros, partly due to the planned catalyst replacement at the Rijeka refinery during the first quarter. Retail volumes fell by one percent due to changes in demand in the domestic and key foreign markets.
Capital investments in the first six months reached 146.2 million euros, up 73 percent year-on-year, with the majority directed toward upgrading the Rijeka refinery and developing fields in the Croatian offshore. On the Rijeka project, mechanical completion of the systems has been achieved, and preparations are underway to start up the entire plant. Paid investments and research and development costs amounted to 144.9 million euros. Net debt at the end of June stood at 483.5 million euros, with a debt-to-equity ratio of 22.6 percent. Total assets rose 13 percent to 3.96 billion euros, and current assets increased by as much as 47 percent to 1.26 billion, partly due to higher inventories and receivables. Despite the strong investment cycle, net cash flow from operations rose 15 percent to 145.3 million euros, although increased inventories and receivables temporarily tied up significant funds.
