INA-Industrija nafte
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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.
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Q1 2026 earnings summary30 Apr, 2026

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.

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Q2 202629 Jul, 2026
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