INA-Industrija nafte (INA) Q4 2024 earnings summary

Executive summary

• CCS EBITDA excluding one-off items was €469 million in 2024, down 5% year-over-year, mainly due to lower oil and gas prices and reduced production volumes.

• Net profit attributable to shareholders was €182 million, a 27% decrease compared to 2023.

• Capital investments remained high at €292 million, with over half directed to Refining and Marketing, including the Rijeka Refinery upgrade reaching 92% completion.

• Non-fuel retail margin grew 30% year-over-year, reflecting expansion of Fresh Corner and loyalty programs.

Financial highlights

• Revenue from contracts with customers was €3,876 million, flat year-over-year.

• EBITDA fell 18% to €431 million; operating profit dropped 28% to €239 million.

• Net cash flow from operating activities decreased 33% to €296 million.

• Net debt rose to €482 million, with a debt-to-equity ratio of 23.3%, up from 11.6% at end-2023.

• Dividend payout in 2024 totaled €240 million.

Outlook and guidance

• Focus remains on profitable production, efficiency improvements, and portfolio diversification, including investments in renewables.

• 2025 will emphasize stability, sustainable growth, and continued modernization of operations.