INA-Industrija nafte (INA) Q3 2024 earnings summary

Executive summary

• CCS EBITDA without one-off items reached €344 million in the first nine months of 2024, up 5% year-over-year, driven by improved retail and wholesale pricing environments.

• Net profit attributable to shareholders was €165 million, a 5% increase compared to the same period last year.

• Strong investment cycle continued, with capital expenditures totaling €215 million, mainly in refining and marketing.

• The Rijeka Refinery upgrade project reached 91% completion, marking the largest investment in company history.

• Despite a challenging external environment, supply security and operational stability were maintained, especially during the peak tourist season.

Financial highlights

• Revenue for the first nine months was €2,893.8 million, flat year-over-year.

• EBITDA for the period was €332 million, down 3% from the previous year.

• Net debt increased to €617.5 million, with a debt-to-equity ratio of 28.2%.

• Net cash flow from operating activities dropped 85% to €42.2 million.

• Earnings per share rose 5% to €16.5.

Outlook and guidance

• The company expects to complete the Rijeka Refinery upgrade soon, supporting future growth.

• Ongoing diversification into renewable energy, including biogas and hydrogen projects, is progressing.