- Net sales revenues: EUR 2.23 billion
- EBITDA: EUR 309 million
- Capital investments: EUR 148 million
- Increase in hydrocarbons production: 3%
- Rijeka Refinery Upgrade: systems mechanical completion with start-up activities of entire complex on track
Zagreb, 29. srpnja 2026. – Povoljni uvjeti u vanjskom okruženju zajedno s povećanom proizvodnjom u djelatnosti Istraživanja i proizvodnje nafte i plina pozitivno su utjecali na poslovanje INA Grupe u prvom polugodištu 2026. te su doprinijeli snažnijem rezultatu u usporedbi s istim razdobljem prošle godine, pri čemu je EBITDA iznosila 309 milijuna eura.
Exploration and Production EBITDA was higher by 16%, reaching EUR 172.3 million. Hydrocarbons production increased by 3% compared to H1 2025 as a result of workovers performed in Croatia and Egypt, together with the new onshore Jam-183 well and offshore Ika A infill well. Additionally, new wells were put into production in Egypt and all outstanding receivables on the Egyptian concessions in the amount of EUR 34.7 million were collected. Capital investments in this segment amounted to EUR 49.7 million, 29% higher than in H1 2025, and were mainly focused on development projects in Croatia both onshore and offshore. An agreement with Vermilion Zagreb Exploration has been signed to acquire a 60% stake in the onshore exploration area SAVA-07, thereby increasing INA’s stake to 100% in that area.
Results of Refining and Marketing including Consumer Services and Retail remained stable despite significant market volatility and the reintroduction of a regulation setting maximum retail prices for petroleum products beginning of March. Rijeka Refinery underwent a planned catalyst change in Q1 2026. Consumer Services and Retail sales volumes decreased by 1% compared to H1 last year, due to changes in demand in Croatian and other key markets. CCS EBITDA of the segment reached EUR 111 million, an increase of 74% compared to H1 last year driven mainly by favourable refining pricing environment.
Overall capital expenditures increased significantly compared to H1 2025, amounting to EUR 148 million, mainly related to the finalisation of the Rijeka Refinery Upgrade Project and offshore field developments. The Rijeka Refinery Upgrade Project achieved systems mechanical completion and activities related to the start-up of entire complex are on track. The new Delayed Coker Unit commissioning is progressing according to our plans.
Following the continuation of a strong investment cycle, net debt increased by 6% compared to the H1 2025, at EUR 479 million, with a gearing ratio of 22.8%.
Zsuzsanna Ortutay, President of the INA Management Board, commented on the results:
“In the first half of 2026, INA demonstrated resilience and operational discipline in a dynamic and increasingly complex market environment. Our performance reflects the strength of our diversified business model, disciplined execution of strategic priorities and continued focus on operational excellence. By maintaining a balanced approach to growth, investment and efficiency, we have further strengthened the foundations for the company’s long-term development and value creation.
Looking at the largest investment in INA’s history, the Rijeka Refinery Upgrade Project, it continued to make excellent progress during the reporting period, achieving systems mechanical completion. Activities related to the start-up of the entire complex are progressing according to schedule, which is a step forward in strengthening our refining capabilities and long-term competitiveness.
We also continued to advance our low-carbon strategy through the development of Croatia’s first commercial green hydrogen production facility at the Rijeka Refinery. Beginning of July, the photovoltaic power plant reached mechanical completion, marking another important milestone in the project and fulfilling the first contractual obligations under the National Recovery and Resilience Plan. Together with the ongoing installation of the electrolyser, this investment demonstrates our commitment to developing sustainable energy solutions, reducing greenhouse gas emissions and supporting both the decarbonisation of our operations and the future development of Croatia’s green hydrogen market.”
The full INA Group Unaudited Financial Report for H1 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