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INA-Industrija nafte (INA) investor relations material
INA-Industrija nafte Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q1 2026 was €868.5 million, down 5% year-over-year, with EBITDA at €69.9 million, a 17% decrease compared to Q1 2025.
Net loss attributable to shareholders was €2.3 million, compared to a profit of €35.4 million in Q1 2025.
Production in oil and gas increased by 2% year-over-year, driven by new wells and maintenance in Croatia and Egypt.
The Rijeka refinery upgrade reached mechanical completion, marking a key milestone.
Financial highlights
EBITDA fell 17% to €69.9 million; operating profit dropped 97% to €1.2 million.
Net cash from operating activities improved to €65.5 million from a negative €76.5 million in Q1 2025.
Capital investments surged 130% to €75.8 million, mainly in refinery upgrades and field development.
Net debt remained stable at €589.2 million, with a debt-to-equity ratio of 26.4%.
Outlook and guidance
Management expects continued market volatility due to geopolitical tensions and regulatory interventions.
Focus remains on investment in low-carbon solutions, notably green hydrogen production.
- Revenue up 4% but profit down 39% as gas prices fell; refinery and retail segments improved.INA
Q2 20242 Jul 2026 - EBITDA and net profit grew 5% year-over-year, with strong investment and higher net debt.INA
Q3 20242 Jul 2026 - EBITDA and net profit declined year-over-year, but investments and retail margins remained strong.INA
Q4 20242 Jul 2026 - Net profit jumped 197% on 14% higher revenue, with strong gas and retail performance.INA
Q1 20252 Jul 2026 - Revenue and profit increased in H1 2025, with strong retail and gas performance and lower investments.INA
Q2 20252 Jul 2026 - Revenue up 1%, net profit down 15%, with strong retail and nearing refinery upgrade.INA
Q3 20252 Jul 2026 - CCS EBITDA rose 11% to €521M in 2025, with stable profit and major refinery upgrade nearly complete.INA
Q4 20252 Jul 2026
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