Gas, Oil, and Modernization: What's Behind INA's Strong First Half?
INA posted an operating profit of €309 million in the first six months of 2026, driven by growth in hydrocarbon production and the modernization of the Rijeka refinery.
INA posted an operating profit of €309 million in the first six months of 2026, driven by growth in hydrocarbon production and the modernization of the Rijeka refinery.
Despite volatility in the global energy market, INA recorded strong financial results in the first half of 2026. The company's operating profit before interest, taxes, depreciation, and amortization (EBITDA) reached €309 million, a direct result of increased oil and gas production and more favorable market conditions.
The key driver behind the strong figures was the Exploration and Production segment, whose operating profit rose 16 percent to €172 million. Total hydrocarbon production increased by three percent compared to the same period last year. Average daily oil production in Croatia and Egypt rose by two percent to nearly 10,500 barrels, while gas production jumped five percent, reaching almost 11,000 barrels of oil equivalent per day.
This growth was supported by concrete activities on the ground. In Croatia, a new well near Lipovljani was brought into production, and two gas wells were tied into the production system in the Northern Adriatic. In Egypt, production was boosted by new wells at the North Bahariya and Ras Qattara concessions, as well as well workovers at the West Abu Gharadig concession.
INA is also intensifying its development activities. A drilling campaign for five gas wells is underway in the Adriatic, with the first well already completed and delivering 160,000 cubic meters of gas per day during test production. Additionally, the portfolio was strengthened by taking over the SAVA-07 exploration block from Canadian company Vermilion. Significant exploration work worth nearly €27 million is planned for the SAVA-10/1 and Drava-02/02 blocks, where 3D seismic surveys will begin during 2026. Following the interpretation of this data, six exploration wells are planned to be drilled.
The Refining and Marketing segment, which includes INA's retail network, posted an operating profit of €111 million. This result was achieved despite administrative fuel price caps, with higher refining margins making a key contribution. The Rijeka oil refinery is operating continuously with high capacity utilization, which is of strategic importance for fuel supply not only to Croatia but also to Slovenia and Bosnia and Herzegovina, especially ahead of the third quarter when demand peaks due to the tourist season.
The retail segment also saw an 11 percent increase in non-fuel margins, attributed to an expanded product range and the opening of new Fresh Corner locations. The company's loyalty program is also growing, approaching half a million active users.
In the first six months of 2026, INA invested €148 million, with the largest portion directed toward the modernization project at the Rijeka oil refinery. This is the largest single investment in the company's history, totaling around €700 million. The heart of the project is a new delayed coker unit (DCU) that enables processing a wider range of crude oil types and delivers up to 30 percent higher diesel production, or an additional 400,000 tons of that fuel annually.
In parallel with investments in traditional activities, INA is also investing in the energy transition. In early July 2026, two solar power plants were completed within the Rijeka refinery complex, which will power a future electrolyzer. By the end of 2026, the first commercial green hydrogen production facility in Croatia is expected to be built at that location.
