INA-Industrija nafte (INA) Q3 2025 earnings summary

Executive summary

• Achieved stable results across all business segments despite lower hydrocarbon prices and natural production decline.

• Retail and customer services segment remained strong, supported by a successful tourist season and expansion of non-fuel offerings.

• Rijeka refinery operated at full capacity, with modernization project nearing completion.

• Continued optimization in oil and gas production, with steps taken toward potential resumption of operations in Syria.

Financial highlights

• Revenue for I-IX 2025 was €2,924.5 million, up 1% year-over-year.

• EBITDA for I-IX 2025 was €319.6 million, down 4% year-over-year.

• Net profit attributable to owners was €140.9 million, a 15% decrease year-over-year.

• Net debt stood at €572.9 million, with a debt-to-equity ratio of 26.3%.

• Capital expenditures totaled €145 million, mainly focused on Croatia.

Outlook and guidance

• Stable performance expected, with focus on sustainable growth and energy security.

• Rijeka refinery upgrade to be completed soon, enhancing operational efficiency.

• Continued investment in retail modernization and expansion of non-fuel services.