INA closed 2025 with a net profit of €179.2 million, slightly lower (1.6%) than the previous year, according to its consolidated, unaudited financial report. Despite the marginal decline in net earnings, the company delivered stronger operational performance on an adjusted basis.
The CCS EBITDA indicator, which excludes inventory valuation effects and one-off items to provide a clearer view of core operations, reached €521 million in 2025. This marks an 11% increase compared to 2024, reflecting improved underlying business performance amid relatively stable market conditions. Total consolidated revenues amounted to €4.01 billion, broadly in line with the previous year, while operating expenses stood at €3.79 billion, showing minimal change.
Segment performance highlights a particularly strong year for the refining and marketing division, including retail and customer services. Higher sales volumes and favorable market dynamics supported growth, with retail and customer sales rising by 3%. CCS EBITDA for this segment increased to €284 million.
In the upstream segment, capital expenditures in oil and gas exploration and production totaled €123 million, representing a 26% year-on-year increase. Overall company investments reached €280 million.
A substantial share of this investment was allocated to the modernization of the Rijeka oil refinery. By the end of 2025, the upgrade project was 99% complete and had entered the functional testing phase. Trial operations are expected to begin in March, with full production capacity scheduled during 2026.
Management described 2025 as a year of steady progress across all business segments, emphasizing operational resilience and disciplined execution of strategic priorities. The company reaffirmed its focus on strengthening long-term competitiveness, enhancing energy security, and advancing the transition toward a more sustainable energy portfolio.
