INA-Industrija nafte (INA) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 increased by 5% year-over-year to €1,839.7 million, driven by higher natural gas prices, increased sales in customer services and retail, and improved non-fuel margins.

• CCS EBITDA without one-off items rose 18% to €188 million, and net profit attributable to owners grew 21% to €54.3 million compared to H1 2024.

• The company maintained stable operations across all segments, with notable progress in refinery modernization and new gas production in Croatia.

Financial highlights

• Net profit for H1 2025 was €54.3 million, up 21% year-over-year.

• CCS EBITDA without one-off items reached €188 million, an 18% increase year-over-year.

• Net cash flow from operating activities was €137.5 million, reversing a negative flow in H1 2024.

• Total capital investments were €86.9 million, down 46% year-over-year.

• Net debt stood at €451.3 million with a debt-to-equity ratio of 23%.

Outlook and guidance

• The removal of retail fuel price regulation is expected to enhance market flexibility and support continued investment.

• Ongoing focus on production optimization and completion of key refinery projects, with full implementation of environmental upgrades expected by 2027.