In the first quarter of 2026, the NIS Group operated under exceptionally challenging conditions and restrictions linked to short-term licenses issued by the US Department of the Treasury. These constraints had a noticeable impact on both financial and operational performance, particularly due to lower volumes of oil refining and petroleum product sales compared to the same period last year, alongside tightened operational conditions.
Despite these challenges, EBITDA in Q1 2026 remained positive at approximately 94 million euros. Net profit reached around 24 million euros, marking an 87% year-on-year increase, mainly supported by cheaper oil inventories and rising global oil prices. The average Brent crude price stood at 80.6 dollars per barrel, about 7% higher than in Q1 2025, reflecting supportive but volatile market dynamics.
During the January–March period, the Group invested around 54 million euros, with the largest share directed toward oil and gas exploration and production. Operating cash flow amounted to approximately 143 million euros, while accrued taxes and other public obligations totaled around 376 million euros, highlighting ongoing financial commitments alongside investment activity.
In terms of production, total oil and gas output reached 280.3 thousand tons, while refining of crude oil and semi-finished products amounted to 642.8 thousand tons. Petroleum product sales totaled 592.2 thousand tons, and electricity generation reached 40.5 GWh, showing steady operational output despite constraints.
Looking ahead, the NIS Group stated that it will remain focused on ensuring uninterrupted market supply, maintaining financial discipline, and preserving employee stability throughout the rest of the year, signaling a cautious but resilient operational strategy in a complex environment.
