NIS Group returned to profitability in the first half of 2026 as stronger crude prices, favourable inventory effects and cost controls offset difficult market conditions and the operational burden created by US sanctions.
The company reported net profit of approximately €83.5mn, while earnings before interest, tax, depreciation and amortisation reached around €300mn. Average Brent crude prices increased to $92.60 a barrel, compared with $71.70 in the same period of 2025.
Higher crude prices supported the upstream business and increased the value of production, while lower-cost inventories provided an additional accounting benefit. That advantage is expected to reverse gradually as more expensive replacement stocks move through the refining and sales system.
Capital expenditure amounted to approximately €101mn, showing that the group continued funding essential and strategic projects despite sanctions-related uncertainty. Maintaining investment is important for refinery reliability, environmental compliance, retail operations and domestic supply security.
NIS produced 554,400 tonnes of oil equivalent during the six-month period. Its refineries processed 1.6mn tonnes of crude and intermediate products, while petroleum-product sales reached 1.4mn tonnes.
The operational figures confirm the central role of the Pančevo refinery and NIS distribution network in Serbia’s fuel market. The company said it maintained uninterrupted domestic supply throughout the period, a critical consideration given Serbia’s limited ability to replace its refining and logistics capacity quickly.
The improvement in earnings does not remove the ownership risk hanging over the group. NIS remains subject to US sanctions because of Russian control and depends on temporary licences to maintain access to suppliers, banks, insurers and other international counterparties.
Discussions involving Hungary’s MOL and the Russian-held stake could eventually produce a new ownership structure. Until then, financial performance will remain secondary to the question of whether NIS can preserve uninterrupted access to crude oil, payments and cross-border services.
Management intends to retain tight spending controls and continue efficiency measures. It has also warned that higher-cost inventories may weaken the next quarter’s result. The first-half profit provides a stronger financial cushion, but sanctions, ownership negotiations and supply-chain continuity remain the variables capable of determining the company’s operating position far more quickly than movements in refinery margins alone.
