INA-Industrija nafte (INA) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 rose 14% year-over-year to €916.3 million, driven by higher natural gas prices and increased retail sales volumes, despite lower crude oil prices.

• Net profit attributable to owners surged 197% to €35.4 million, reflecting improved margins and operational efficiency.

• CCS EBITDA without one-off items increased 38% to €87.6 million, with all business segments contributing positively.

• Strategic investments continued, notably in the Rijeka refinery upgrade (94% complete) and new energy projects.

Financial highlights

• EBITDA rose 40% year-over-year to €84.0 million; EBIT nearly doubled to €39.6 million.

• Earnings per share increased 197% to €3.5.

• Net debt increased 40% to €596.2 million; debt-to-equity ratio rose to 27%.

• Free cash flow turned positive at €54.6 million, compared to a negative €37.8 million a year earlier.

• Total capital expenditures fell 67% to €33.0 million, reflecting lower investments in refining and marketing.

Outlook and guidance

• Management expects continued operational resilience amid global economic uncertainty and energy market volatility.

• Completion of the Rijeka refinery upgrade is targeted for Q4 2025.

• Focus remains on energy diversification, retail network modernization, and preparing for increased seasonal demand.