INA-Industrija nafte (INA) Q4 2025 earnings summary

Executive summary

• Achieved stable overall results in 2025, driven by higher natural gas prices, increased sales in customer services and retail, and improved non-fuel margins; CCS EBITDA excluding one-offs rose 11% year-over-year to €521 million.

• Retail operations remained strong, supported by robust demand during the tourist season and expansion of non-fuel offerings, with loyalty programs and Fresh Corner concept boosting customer engagement and profitability.

• Rijeka refinery operated at full capacity, achieving record processing volumes and nearing completion of its major upgrade project, expected to be fully operational in 2026.

Financial highlights

• Net sales revenue for 2025 was €3,835 million, down 1% year-over-year; EBITDA reached €441 million, up 2%.

• Net profit attributable to owners was €179 million, a 2% decrease year-over-year; earnings per share were €3.8.

• Net cash flow from operating activities increased 25% to €370 million; net debt stood at €502 million with a debt-to-equity ratio of 23.5%.

• Total capital investments were €280 million, slightly lower than the previous year.

Outlook and guidance

• Rijeka refinery upgrade project is 99% complete and expected to reach full operational capacity in 2026.

• Continued focus on decarbonization, hydrogen projects, and expanding non-fuel retail offerings.