After a profitable start to the previous year, INA has entered 2026 with a negative result, reporting a loss of 2.3 million euros in the first quarter. In the same period a year earlier, the company posted a profit of 35.4 million euros, marking a sharp financial turnaround under shifting market conditions.
Revenue from core operations reached 876.7 million euros between January and March 2026, representing a 5% year-on-year decline, while operating costs decreased only slightly by 1% to 875.5 million euros. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at 70 million euros, down 17% compared to the previous year, reflecting tight margins and reduced profitability.
The weaker performance was partly attributed to falling natural gas prices at the beginning of the year, followed by renewed geopolitical tensions in the Middle East that increased volatility in oil and gas markets. Despite this, some segments showed resilience, with refining and marketing maintaining stability and retail operations recording a 5% increase in sales volumes, indicating mixed but partially resilient operational results.
Operationally, the Rijeka refinery has returned to full capacity following modernization and catalyst replacement. The delayed coking unit is in its final testing phase and is expected to be fully operational by year-end, potentially increasing diesel output by up to 30% annually once fully ramped up in 2027. In the upstream segment, production rose by 2.3% year-on-year, supported by investments, maintenance activities in Croatia and Egypt, and new projects such as the offshore Ika A field, demonstrating continued operational expansion despite financial pressure.
The company also strengthened its exploration portfolio by signing an agreement with Vermilion Zagreb Exploration to acquire a 60% stake in the SAVA-07 onshore block, which would grant full ownership pending government approval. At the same time, capital expenditure surged to 76 million euros in the first quarter, more than double the 33 million euros recorded a year earlier, highlighting intensified investment in strategic projects.
CEO Zsuzsanna Ortutay described the company’s performance as stable given the challenging environment, emphasizing progress in low-carbon initiatives. Among these is a 61 million euro green hydrogen project in Rijeka, supported in part by national recovery funds, aimed at delivering cleaner energy solutions for industry and mobility while advancing long-term decarbonization goals.
