- Net sales revenues: EUR 1,840 million
- CCS EBITDA: EUR 188 million
- Capital investments: EUR 87 million
- Modernization of the Rijeka Refinery worth more than EUR 700 million: 96% of completion
- Growth of the retail non-fuel margin: 20%
Zagreb, 30 July 2025 – INA Group performance in H1 2025 was stronger compared to H1 2024 mostly due to natural gas price increase as well as higher Consumer Services and Retail sales volumes and non-fuel margins. Gas price environment remains favourable while crude oil price remains lower. CCS EBITDA excl. special items amounted to EUR 188 million, which is a 18% increase compared to H1 2024, with net profit increasing 21% compared to H1 2024 and amounting to EUR 54 million.
Exploration and Production EBITDA amounted to EUR 148 million in H1 2025, and it was lower, pressured by the natural decline of production, partially offset by increased gas prices. Capital investments were focused to Croatia; notice of commercial discovery was submitted to the Croatian Hydrocarbon Agency for Obradovci-5 exploration well in Drava-03, geological and drilling program preparation completed on Ika A platform and production optimization on Croatian onshore fields continued. Oilfield services contributed to segment’s EBITDA by EUR 11.5 million, EUR 7.7 million higher compared to same period last year, primarily driven by higher third-party engagement, both in Croatia and internationally.
Refining and Marketing incl. Consumer Services and Retail segment’s result was stronger driven by retail performance with higher volumes sold and continuous non-fuel growth. Consumer Services and Retail sales volumes increased by 5% compared to H1 2024, with higher realization in the Croatian market. Non-fuel margin continued to grow with a 20% margin increase. CCS EBITDA of the segment amounted to EUR 64 million, while Simplified Free Cash Flow turned positive at EUR 17million, a significant increase compared to the same period last year when investment spending was much higher due to obligatory turnaround investment activities that took place in Rijeka Refinery in H1 2024.
Overall capital expenditure in H1 2025 amounted to EUR 87 million, significantly lower compared to H1 2024, in line with lower investments in Refining and Marketing. Rijeka Refinery Upgrade Project reached 96% of total completion. Net debt amounted to EUR 451 million with gearing ratio of 23%.
Zsuzsanna Ortutay, the president of the INA Management Board, commented on the results:
„In the first half of 2025, we delivered stable results across all business segments.
In Exploration and Production, we continue to successfully execute our production intensification program to mitigate natural production decline in Croatia. Building on last year’s series of gas and oil discoveries, we achieved another important milestone by submitting a commercial gas discovery for the Obradovci-5 exploration well in the Drava-03 block. Additionally, in July we commenced new gas production at the Jamarice field near Novska, further strengthening our domestic production portfolio.
In Refining and Marketing, operations at the Rijeka Refinery remained stable, while the DCU project advanced to 96% completion – a key step in our refinery modernization efforts. We also signed a contract to begin construction of a hydraulic barrier beneath the Rijeka Refinery, designed to prevent sea pollution and enhance operational safety. This seabed remediation project, valued at EUR 6 million, is set for completion over the next two years, with full implementation by 2027, providing a long-term solution to historical environmental challenges.
At our retail sites, the start of the tourist season brought higher demand, accompanied by continued growth in our non-fuel offer and improved margins. These results are driven by our ongoing investments in retail network modernization and the further expansion of our Fresh Corner concept, which continues to set new standards for customer experience.
Finally, in July, we welcomed the Government’s decision not to extend retail fuel price regulations. This marks an important step toward a sustainable, market-oriented business environment. We are confident that this change will enhance market flexibility, support continued investments and service improvements, and ensure a healthy balance between consumer protection and fair competition.”
The full INA Group Unaudited Financial Report for H1 2025 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