INA-Industrija nafte (INA) Q1 2026 earnings summary

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.