- Net sales revenues: EUR 868.5 million
- EBITDA: EUR 70 million
- Capital investments: EUR 76 million
- Increase in hydrocarbons production: 2.3%
- Rijeka Refinery Upgrade: systems mechanical completion
Zagreb, 30 April 2026 – After a stable 2025, early 2026 saw weaker gas prices, followed by geopolitical tensions in the Middle East that drove a sharp rise in oil and gas prices. INA Group EBITDA in Q1 2026 was lower by 17% compared to the same period last year – EUR 70 million.
Results of Refining and Marketing incl. Consumer Services and Retail remained stable. Significant changes started in March along with the reintroduction of a regulation setting the highest retail prices for petroleum products. Following a catalyst change all refinery production units were brought back into operation, and the refinery is currently producing all fuels at full capacity. The Rijeka Refinery modernisation was completed in March and the new Delayed Coker Unit is in the final commissioning phase. It is expected to become operational by the end of this year, and once it reaches full capacity, which is anticipated in 2027, diesel production is expected to increase by up to 30% annually. Consumer Services and Retail sales volumes increased by 5% compared to the Q1 last year, with consistently strong performance in key markets, while non-fuel margin continued to grow. In line with mentioned environment, CCS EBITDA of the segment reached EUR 19.1 million, an increase compared to the Q1 last year.
In Exploration and Production, the production increased by 2.3% compared to Q1 2025 as a result of continuous investments and efforts in this segment, such as performed workovers in Croatia and Egypt, together with Offshore Ika A infill well and new wells in Egypt that were put in production. The segments’ capital investments amounted to EUR 26 million in Q1 2026, 65% higher than in the Q1 2025 and were focused on Croatia. The agreement with Vermilion Zagreb Exploration d.o.o. has been signed to acquire a 60% stake in onshore exploration area SAVA-07, thereby increasing INA’s stake to 100% in that area, subject to obtaining Government approval. EBITDA of the segment was lower due to the lower natural gas prices in January and February, reaching EUR 77 million in Q1 2026.
Overall capital expenditures increased significantly compared to Q1 2025, amounting to EUR 76 million, mainly related to Rijeka Refinery Upgrade Project and Croatian offshore field developments. Net debt remained at the same level as in Q1 2025 at EUR 589 million with a gearing ratio of 26% following the continuation of strong investment cycle.
Zsuzsanna Ortutay, President of the INA Management Board, commented on the results:
“In the first quarter of 2026, INA delivered stable operations. We increased our Exploration and Production output and strengthened our portfolio through the award of new concessions and the signing of an agreement with Vermilion. At the same time, the Rijeka Refinery Upgrade Project reached mechanical completion, marking a major milestone in enhancing our refining capabilities. Retail performance remained strong in both fuel and non-fuel segments.
Turbulent market moves started in March, which created sudden shock on crude and product prices. Crude sourcing became challenging due to the closure of major supply routes and normalization is not yet visible.
In this period, we continued to advance our low-carbon agenda, with a particular focus on green hydrogen. Following the signing of key agreements, we are progressing with the development of the project in Rijeka, which combines renewable electricity and electrolysis technology. This project worth EUR 61 million out of which up to EUR 15 million will be financed from the National Recovery and Resilience Plan, will enable us to produce green hydrogen for both industrial use and future mobility solutions, while contributing to the decarbonisation of our operations and supporting the broader energy transition.”
The full INA Group Unaudited Financial Report for Q1 2026 is available here.
About INA Group
INA Group plays a leading role in oil operations in Croatia and a significant role in the region in oil and gas exploration and production, oil refining and distribution of oil and petroleum products. INA Group comprises several subsidiaries fully or partial owned by INA, d.d. The Group’s seat is in Zagreb, Croatia. Apart from Croatia, INA also has upstream operations in Egypt. Oil refining takes place at the Rijeka Refinery, while sustainable alternative businesses are being developed at the Sisak industrial site. INA’s regional retail network consists of more than 500 retail sites in Croatia and neighbouring countries. INA Group is a member of MOL Group.
PR
Avenija Većeslava Holjevca 10, Zagreb Phone: +385 1 6450 552 Fax: +385 1 6452 406 | @: pr@ina.hr