INA GROUP Q4 & FY 2025 FINANCIAL REPORT
Zagreb, February 2026
INA Group (ZB: INA-R-A; https://www.ina.hr) announced its Q4 and FY 2025 results. This report contains unaudited consolidated financial statements for the period ending 31 December 2025 as prepared by the Management Board in accordance with the International Financial Reporting Standards.
Contents
Management discussion and analysis: INA Group financial results (IFRS) 3
2025 financial and operational highlights 3
Zsuzsanna Ortutay, President of the Management Board, comments on the results 4
Exploration and Production 5
Refining and Marketing, including Consumer Services and Retail 6
Main external parameters 7
Condensed Consolidated Statement of Profit or Loss 8
Condensed Consolidated Statement of Other Comprehensive income 8
Condensed Consolidated Statement of Financial Position 9
Condensed Consolidated Statement of Cash Flow (Indirect method) 10
INA Group Summary Segmental Results of Operations 11
Financial overview and notes 12
Special items in operating profit and EBITDA 13
Financial instruments and risk management 13
Subsequent events 13
Russia - Ukraine conflict 13
Changes in equity 13
Related party transactions 14
Management representation 14
Management discussion and analysis : INA Group financial results (IFRS)Q4 2024 | Q4 2025 | EUR mn | 2024 | 2025 | % |
982.5 | 910.5 | Net sales revenues* | 3,876.3 | 3,835.0 | (1) |
99.1 | 121.1 | EBITDA (1) | 431.1 | 440.7 | 2 |
99.1 | 121.1 | EBITDA excl. special items (2) | 431.1 | 440.7 | 2 |
125.1 | 153.6 | CCS EBITDA excl. special items | 469.1 | 521.3 | 11 |
37.7 | 54.5 | Profit/(loss) from operations | 239.4 | 224.5 | (6) |
50.5 | 66.4 | Profit/(loss) from operations excl. special items (2) | 252.2 | 236.4 | (6) |
76.5 | 99.0 | CCS Profit/(loss) from operations excl. special items | 290.2 | 317.0 | 9 |
(12.3) | (7.5) | Net (loss)/income from financial activities | (19.6) | (14.1) | (28) |
16.4 | 38.1 | Profit/(loss) for the period attributable to Owners of the Company | 181.8 | 179.0 | (2) |
29.2 | 50.0 | Profit/(loss) for the period excl. special items (2) | 194.6 | 190.9 | (2) |
48.2 | 18.9 | Simplified Free Cash Flow (3) | 176.9 | 241.6 | 37 |
253.8 | 182.8 | Net operating cash flow | 296.0 | 370.0 | 25 |
Earnings per share | 17.9 | (2) | |||
1.6 | 3.8 | Basic and diluted earnings/(loss) per share (EUR per share) | 18.2 | ||
482.3 | 502.3 | Net debt | 482.3 | 502.3 | 4 |
23.3 | 23.5 | Net gearing (%) | 23.3 | 23.5 | |
76.9 | 134.7 | CAPEX total (5) | 292.2 | 279.7 | (4) |
70.1 | 128.7 | Domestic | 277.5 | 264.6 | (5) |
6.9 | 6.0 | International | 14.8 | 15.1 | 2 |
Q4 2024 | Q4 2025 | USD mn (4) | 2024 | 2025 | % |
1,049.4 | 1,059.3 | Net sales revenues* | 4,195.0 | 4,331.2 | 3 |
105.8 | 140.9 | EBITDA (1) | 466.5 | 497.7 | 7 |
105.8 | 140.9 | EBITDA excl. special items (2) | 466.5 | 497.7 | 7 |
133.6 | 178.7 | CCS EBITDA excl. special items | 507.7 | 588.7 | 16 |
40.3 | 63.4 | Profit/(loss) from operations | 259.1 | 253.6 | (2) |
54.0 | 77.3 | Profit/(loss) from operations excl. special items (2) | 273.0 | 267.0 | (2) |
81.8 | 115.2 | CCS Profit/(loss) from operations excl. special items | 314.1 | 358.0 | 14 |
(13.1) | (8.7) | Net (loss)/income from financial activities | (21.2) | (15.9) | (25) |
17.5 | 44,3 | Profit/(loss) for the period attributable to Owners of the Company | 196.7 | 202.2 | 3 |
31.2 | 58.2 | Profit/(loss) for the period excl. special items (2) | 210.6 | 215.7 | 2 |
51.5 | 22.0 | Simplified Free Cash Flow (3) | 191.4 | 272.8 | 43 |
271.1 | 212.7 | Net operating cash flow | 320.3 | 417.9 | 30 |
Earnings per share | 20.2 | 3 | |||
1.8 | 4.4 | Basic and diluted earnings/(loss) per share (USD per share) | 19.7 | ||
503.7 | 522.5 | Net debt | 503.7 | 522.5 | 4 |
82.2 | 156.7 | CAPEX total (5) | 316.3 | 315.9 | (0) |
74.8 | 149.7 | Domestic | 300.3 | 298.8 | (0) |
7.3 | 7.0 | International | 16.0 | 17.1 | 7 |
* Related to Revenue from contracts with customers
(1)EBITDA = EBIT + Depreciation, amortization and impairment (net)
(2)The result negatively impacted by impairment of asset in the amount of EUR (12.8) million in 2024 and in the amount of EUR (11.9) million in 2025
(3)Simplified free cash flow = CCS EBITDA excluding special items - CAPEX
(4)In converting EUR figures into US Dollars , the following average CNB (HNB) rates were used: as at 31 December 2024 - 1.0444 EUR/USD; as at 31 December 2025 - 1.1757 EUR/USD; for Q1 2024 - 1.0858 EUR/USD; for Q1 2025 - 1.0523 EUR/USD; for Q2 2024 - 1.0760 EUR/USD; for Q2 2025 - 1.1338 EUR/USD; for Q3 2024 - 1.0983 EUR/USD; for Q3 2025 - 1.1681 EUR/USD; for Q4
2024 - 1.0681; for Q4 2025 - 1.1634
(5)Including borrowing costs in accordance with IAS 23
2025 financial and operational highlights
Overall, compared to 2024, INA Group performance in 2025 was stable driven by natural gas price increase, higher Consumer Services and Retail sales volumes and higher non-fuel margins, with Clean CCS EBITDA amounting to EUR 521 million, which is 11% above the previous year.
Exploration and Production EBITDA was weaker following the lower Brent price and natural decline of production, reaching EUR 260 million in 2025. Production decreased 7% compared to 2024 as a result of natural decline, reservoir conditions and lower contribution from offshore projects. Capital investments amounted to EUR 123 million in 2025, 26% higher than the previous year and were focused on Croatia. On Ika A platform natural gas production started in December and the 2nd exploration phase was approved for Drava-03 block. Compared to 2024 capital investments in Egypt slightly increased in 2025; on North Bahariya development drilling campaign is ongoing, with 13 wells drilled and 6 well workovers performed.
Refining and Marketing incl. Consumer Services and Retail were stronger compared to last year driven by better sales volumes and positive market trends. Consumer Services and Retail sales volumes increased by 3% compared to the last year, with higher realization on core markets and seasonality effect, while non-fuel margin continued to grow. In line with mentioned positive trends, CCS EBITDA of the segment reached EUR 284 million, while Simplified Free Cash Flow amounted to EUR 142 million, an increase compared to the last year when Simplified Free Cash Flow was impacted by higher investment spending due to turnaround investment activities in Rijeka Refinery.
Overall capital expenditures slightly decreased compared to 2024, amounting to EUR 280 million. Rijeka Refinery Upgrade Project reached 99% overall completion. Net debt remained at the same level at EUR 502 million with a gearing ratio of 24% following the continuation of strong investment cycle.
Zsuzsanna Ortutay, President of the Management Board, comments on the resultsINA was successful and progressed across all business segments in 2025, demonstrating strong resilience and disciplined execution of our strategic priorities.
Retail performance remained strong, supported by robust demand driven by tourism and the continued development of our non-fuel offer. Investments in the Fresh Corner concept and loyalty programmes further strengthened customer engagement and profitability, confirming our successful transformation of the retail network into a modern convenience platform.
The Rijeka Refinery continued to operate at full capacity throughout the entire year, delivered record processing volumes, ensuring supply stability throughout the year. Record-high fuel sales on our core markets together with strong market shares reflect the strength of our integrated business model and logistics capabilities, supported by the refinery's 21-month continuous operation at full capacity. Refining operations recorded an improved contribution despite ongoing sector pressures.
Our major investment project, the Rijeka Refinery Upgrade, is nearing completion, transforming the refinery into one of the most technologically advanced facilities in the region. Following the issuance of the required permits, the entire complex is expected to be fully operational in 2026, when we anticipate reaching full production, confirming Rijeka as the cornerstone of our refining business. In addition, progress on the hydrogen project supports our long-term decarbonisation ambitions.
In Exploration and Production, increased investments and focused portfolio management supported production optimisation and strengthened our resource base in both domestic and international operations in 2025, laying the foundation for improved sustainability of future production. I am proud of the achievements delivered by our teams, as this is the first time in the past 18 months that domestic gas production has recorded growth on quarterly level. I firmly believe that our teams' dedication and professionalism have been pivotal in driving these results and advancing INA's strategic agenda.
Overall, our results demonstrate INA's ability to deliver stable performance while investing in long-term competitiveness, energy security and the energy transition.
Exploration and ProductionQ4 2024 | Q4 2025 | Segment IFRS results (EUR mn) | 2024 | 2025 | % |
154.6 | 121.9 | Net sales revenues | 579.2 | 530.3 | (8) |
67.2 | 50.3 | EBITDA | 308.7 | 260.2 | (16) |
67.2 | 50.3 | EBITDA excl. special items * | 308.7 | 260.2 | (16) |
39.7 | 16.8 | Profit from operations | 229.3 | 168.1 | (27) |
52.5 | 28.7 | Profit from operation excl. special items * | 242.1 | 180.0 | (26) |
39.9 | (5.9) | Simplified Free Cash Flow** | 210.6 | 137.0 | (35) |
27.3 | 56.2 | CAPEX *** | 98.1 | 123.2 | 26 |
Note: Exploration and Production refers to the Upstream of INA, d.d. and following subsidiaries: Adriagas S.r.I. Milano and Crosco Group. Cros co Group is reported from Q1 2025 in Exploration and Production segment instead of Corporate and Other - comparable periods have been restated.
*The result negatively impacted by impairment of asset in the amount of EUR (12.8) million in 2024 and in the amount of EUR (11.9) million in 2025
** Simplified free cash flow = EBITDA excluding special items - CAPEX
*** Including borrowing costs in accordance with IAS 23
Q4 2024 | Q4 2025 | Hydrocarbon production (boe/d) | 2024 | 2025 | % | |
10,873 | 10,547 | Crude oil production (boe/d) | 10,968 | 10,367 | (5) | |
9,324 | 8,893 | Croatia | 9,303 | 8,819 | (5) | |
1,549 | 1,654 | Egypt | 1,665 | 1,548 | (7) | |
10,877 | 10,747 | Natural gas production (boe/d) | 11,462 | 10,498 | (8) | |
2,561 | 2,413 | Croatia - offshore | 2,788 | 2,318 | (17) | |
8,109 | 8,144 | Croatia - onshore | 8,469 | 7,969 | (6) | |
207 | 190 | Egypt | 206 | 211 | 3 | |
633 | 573 | Condensate (boe/d) | 677 | 582 | (14) | |
626 | 567 | Croatia | 670 | 575 | (14) | |
6 | 6 | Egypt | 6 | 6 | 3 | |
22,383 | 21,866 | Total hydrocarbon production | 23,106 | 21,447 | (7) | |
Q4 2024 | Q4 2025 | Total average realised hydrocarbon price | 2024 | 2025 | % | |
72 | 60 | Total average hydrocarbon price (USD/boe)* | 69 | 66 | (4) | |
* Calculated based on total sales revenue including natural gas internal selling price as well
2025 vs . 2024
Key drivers
Prices impacted sales revenues negatively by EUR (26.8) million. The average increase in natural gas prices of 10% contributed positively by EUR 17.0 million, while the continuously lower Brent price decreased crude oil and condensate sales revenues by EUR (43.2) million, along with other products' negative impact on revenues in the amount of EUR (0.6) million.
Production was lower by 7% compared to last year. Croatian production decreased primarily due to natural decline, reservoir issues and lower contribution from offshore projects. Lower production in Egypt was driven by natural decline, delayed start of production from new drilled wells on North Bahariya and postponed start of drilling campaign on Ras Qattara and West Abu Gharadig concessions.
Oilfield services contributed to segment EBITDA by EUR 21.5 million, EUR 4.3 million higher compared to same period last year, primarily driven by higher third-party engagement, both in Croatian and international markets.
Capital expenditures
2025 (EUR mn)
Domestic
International
Exploration
38.3
0.4
Development
35.7
10.5
Other
38.2
-
TOTAL
112.2
10.9
Higher CAPEX of 26% compared to 2024, while main activities during 2025 include:
Croatia Exploration:
Drava-03: Obradovci-5 exploration well: notice of commercial discovery submitted to the Croatian Hydrocarbon Agency. Entering 2nd exploration phase is approved with 100% working interest for exploration rights and operated position.
Block SA-07: Permitting for second phase for exploration wells is ongoing. Croatia Onshore:
Production optimization: 45 well workovers (WWO) performed.
Međimurje-7 well drilling: Spud in December, drilling is ongoing.
Croatia Offshore: Ika A platform (2 re-entry wells):
Ika A-1 well: Drilling, completion and tie-in operations completed. Production started in December.
Ika A-4 well: Drilling phase finalized; completion phase is ongoing. Egypt:
North Bahariya: Development drilling ongoing and license extension until 2045 approved. 13 wells drilled and 6 WWOs
performed.
West Abu Gharadig & Ras Qattara: Drilling and completion activities of Raml-5 and Zarif-53 development wells finished. Drilling on Faras-71 started in December.10 WWOs performed. Transferring Operatorship from APEX to UEG completed.
Q4 2024 | Q4 2025 | Segment IFRS results (EUR mn) | 2024 | 2025 | % |
952.2 | 888.7 | Net sales revenues | 3,775.3 | 3,723.5 | (1) |
17.3 | 65.7 | EBITDA | 128.7 | 203.2 | 58 |
17.3 | 65.7 | EBITDA excl. special items* | 128.7 | 203.2 | 58 |
43.3 | 98.2 | CCS EBITDA excl. special items* | 166.7 | 283.8 | 70 |
(8.1) | 36.8 | Profit/(loss) from operations | 36.1 | 95.3 | 164 |
(8.1) | 36.8 | Profit/(loss) from operations excl. special items* | 36.1 | 95.3 | 164 |
17.9 | 69.3 | CCS Profit/(loss) from operations | 74.1 | 175.9 | 137 |
6.4 | 28.0 | Simplified Free Cash Flow** | (13.3) | 141.7 | n.a. |
36.9 | 70.2 | CAPEX *** | 180.0 | 142.1 | (21) |
Note: Refining and Marketing including Consumer Services and Retail refers to Refining and Marketing including Consumer Services and Retail INA d.d. and the following subsidiaries: INA Maziva d.o.o., INA Slovenija d.o.o., HoldINA d.o.o. Sarajevo, INA Crna Gora d.o.o., INA d.o.o. Beograd, INA Kosovo d.o.o., Energopetrol d.d., INA MALOPRODAJNI SERVISI d.o.o., Croplin d.o.o.
* The result was not impacted by special items neither in 2024 nor 2025
** Simplified free cash flow = CCS EBITDA excluding special items - CAPEX
*** Including borrowing costs in accordance with IAS 23
Q4 2024 | Q4 2025 | Refining processing (kt) | 2024 | 2025 | % |
91 | 130 | Domestic crude oil | 310 | 461 | 49 |
608 | 701 | Imported crude oil | 1,652 | 2,552 | 55 |
249 | 134 | Other feedstock | 597 | 766 | 28 |
948 | 964 | Total refining throughput | 2,559 | 3,780 | 48 |
Refining production (kt) | |||||
46 | 50 | LPG* | 132 | 229 | 74 |
13 | 23 | Naphtha | 68 | 48 | (29) |
242 | 237 | Gasoline | 600 | 972 | 62 |
42 | 61 | Kerosene | 197 | 256 | 30 |
407 | 390 | Diesel | 1,023 | 1,451 | 42 |
93 | 92 | Fuel oil | 223 | 392 | 76 |
26 | 30 | Other products** | 82 | 110 | 35 |
868 | 883 | Total | 2,325 | 3,459 | 49 |
12 | 11 | Refining loss | 38 | 42 | 11 |
68 | 71 | Own consumption | 196 | 279 | 42 |
948 | 964 | Total refining production | 2,559 | 3,780 | 48 |
Refined product sales by country (kt) | |||||
603 | 621 | Croatia | 2,597 | 2,617 | 1 |
154 | 183 | B&H | 614 | 695 | 13 |
38 | 48 | Slovenia | 122 | 174 | 43 |
5 | 5 | Italy | 19 | 22 | 20 |
346 | 249 | Other markets | 793 | 1,036 | 31 |
1,146 | 1,105 | Total | 4,145 | 4,546 | 10 |
Refined product sales by product (kt) | |||||
65 | 60 | LPG* | 193 | 263 | 36 |
13 | 22 | Naphtha | 77 | 48 | (38) |
251 | 259 | Gasoline | 833 | 1,094 | 31 |
40 | 55 | Kerosene | 256 | 274 | 7 |
521 | 558 | Diesel | 2,114 | 2,203 | 4 |
35 | 36 | Heating oil | 112 | 104 | (8) |
108 | 83 | Fuel oil | 234 | 381 | 63 |
22 | 18 | Bitumen | 82 | 78 | (6) |
91 | 14 | Other products*** | 245 | 101 | (59) |
1,146 | 1,105 | Total | 4,145 | 4,546 | 10 |
351 | 357 | o/w Consumer services and Retail segment sales | 1,478 | 1.523 | 3 |
118 | 110 | Total natural gas sales (mn m3) | 460 | 367 | (20) |
507 | 506 | Total number of service stations | 507 | 506 | (0) |
*LPG+propylene
**Other products = Benzene concentrate, liquid sulphur, coke, motor oils , industrial lubricants, other intermediates
***Other products = Benzene concentrate, vacuum gas oil, liquid sulphur, coke, crude oil, motor oils , industrial lubricants
2025 vs . 2024
Key drivers
Rijeka Refinery operated continuously the whole year with consistently high efficiency, delivering stable and reliable product availability. Favourable external conditions in the second half of the year further supported production results.
Continuous and safe supply further strengthened INA's market position, ensuring a stable share across its captive markets.
Total Consumer Services and Retail sales volumes amounted to 1,523 kt in 2025 which is 3% above sales volumes in 2024, driven by higher realisation on Croatian market (+29 kt) mainly as a result of a successful tourist season and positive market trends.
Non-fuel margin increased by 15% reflecting continuous expansion in consumer goods, increasing number of Fresh Corners and active sale activities together with INA Loyalty program with more than 800 thousand members.
Capital expenditures
Refining and Marketing CAPEX amounted to EUR 120.8 million:
Rijeka Refinery Upgrade Project has reached 99% overall completion, with facility achieving Ready for Commissioning phase.
Installation of back pressure steam turbines with power generator is progressing, mechanical dismantling is complete, demolition of electrical installation continues, and gear box tests are positive.
Hydrogen production project: electrolyser has been delivered, Engineering, Procurement, and Construction contracts have been signed, and the building permit has been issued.
Rijeka Refinery FCC flue gas management project has entered the implementation phase to improve energy efficiency, with contracts for equipment procurement and work execution expected in the coming weeks.
Consumer Services and Retail capital investments amounted to EUR 21.4 million in 2025 with the focus on retail sites modernization, continued roll-out of Fresh Corner concept which is present at 223 retail locations (of which 175 in Croatia) and market share expansion in Montenegro. INA's retail network currently consists of 506 service stations (out of which 390 in Croatia).
Q4 2024 | Q4 2025 | Crude oil and gas prices | 2024 | 2025 | % |
75 | 64 | Brent dtd (USD/bbl) | 81 | 69 | (15) |
1.9 | 2.6 | (Azeri-Brent) spread (USD/bbl) | 2.9 | 2.3 | (18) |
44 | 33 | CEGH gas price (EUR/MWh) | 36 | 39 | 10 |
FOB MED Products prices and crack spreads | |||||
704 | 678 | Gasoline - premium unleaded 10 ppm (USD/t) | 790 | 698 | (12) |
676 | 685 | Diesel - ULSD 10 ppm (USD/t) | 744 | 678 | (9) |
437 | 351 | Fuel oil 3.5% (USD/t) | 444 | 398 | (10) |
663 | 741 | LPG (USD/t) | 607 | 676 | 11 |
139 | 196 | Crack spread - gasoline (USD/t) | 179 | 175 | (3) |
111 | 202 | Crack spread - diesel (USD/t) | 133 | 156 | 17 |
(128) | (131) | Crack spread - fuel oil 3.5% (USD/t) | (167) | (125) | (25) |
98 | 259 | Crack spread - LPG (USD/t) | (4) | 153 | n.a. |
1.97 | 9.63 | Indicative refining margins (USD/bbl) | 4.01 | 5.32 | 33 |
Foreign exchange | |||||
1.07 | 1.16 | EUR/USD average | 1.08 | 1.13 | 5 |
1.04 | 1.18 | EUR/USD closing | 1.04 | 1.18 | 13 |
4.50 | 3.82 | 3m Term SOFR average (%) | 5.06 | 4.15 | (18) |
3.01 | 2.04 | 3m EURIBOR (%) average | 3.57 | 2.18 | (40) |
For the period ended 31 December 2024 and 2025 (in EUR millions )
Q4 2024 | Q4 2025 | Note | 2024 | 2025 | % | |
982.5 | 910.5 | Revenue from contracts with customers | 1 | 3,876.3 | 3,835.0 | (1) |
14.8 | 20.0 | Other operating income | 46.1 | 53.3 | 16 | |
997.3 | 930.5 | Total operating income | 3,922.4 | 3,888.3 | (1) | |
(11.2) | 8.7 | Changes in inventories of finished products and work in progress | 75.0 | (9.2) | n.a. | |
(470.5) | (403.2) | Costs of raw materials and consumables | 2 | (1,361.4) | (1,725.3) | 27 |
(61.4) | (66.6) | Depreciation, amortisation and impairment (net) | 3 | (191.7) | (216.2) | 13 |
(71.8) | (64.4) | Other material costs | 3 | (255.6) | (261.4) | 2 |
(20.7) | (20.8) | Service costs | 3 | (81.9) | (83.5) | 2 |
(80.4) | (88.2) | Staff costs | 4 | (285.1) | (323.0) | 13 |
(215.3) | (232.8) | Costs of other goods sold | 5 | (1,573.2) | (1,032.3) | (34) |
(8.7) | (9.4) | Impairment charges (net) | 3 | (16.2) | (19.2) | 19 |
(31.3) | (23.5) | Provision for charges and risks (net) | 3 | (52.6) | (60.3) | 15 |
11.7 | 24.2 | Capitalised value of own performance | 59.7 | 66.6 | 12 | |
(959,6) | (876.0) | Operating expenses | (3,683.0) | (3,663.8) | (1) | |
37.7 | 54.5 | Profit/(loss) from operations | 239.4 | 224.5 | (6) | |
0.2 | 0.7 | Finance income | 27.1 | 51.1 | 89 | |
(12.5) | (8.2) | Finance costs | (46.7) | (65.2) | 40 | |
(12.3) | (7.5) | Net (loss)/income from financial activities | 6 | (19.6) | (14.1) | (28) |
1.2 | 0.8 | Share of net profit/(loss) of associates accounted for using the equity method | 6 | 5.5 | 4.6 | (16) |
26.6 | 47.8 | Profit/(loss) before tax | 225.3 | 215.0 | (5) | |
(10.1) | (9.6) | Income tax gain/(expense) | 7 | (43.2) | (35.8) | (17) |
16.5 | 38.2 | Profit/(loss) for the period | 182.1 | 179.2 | (2) | |
Attributable to: | ||||||
16.4 | 38.1 | Owners of the Company | 181.8 | 179.0 | (2) | |
0.1 | 0.1 | Non-controlling interests | 0.3 | 0.2 | (33) | |
Earnings per share | ||||||
1.6 | 3.8 | Basic and diluted earnings/(loss) per share (EUR per share) | 18.2 | 17.9 | (2) | |
For the period ended 31 December 2024 and 2025 (in EUR millions )
Q4 2024 | Q4 2025 | Note | 2024 | 2025 | % |
16.5 | 38.2 | Profit/(Loss) before tax | 182.1 | 179.2 | (2) |
Other comprehensive income/(loss), net of income tax: | |||||
Items that will not be reclassified subsequently to profit or loss: | |||||
0.1 | (0.1) | Remeasurement of defined benefit obligation | 0.1 | (0.1) | n.a. |
(7.8) | (3.9) | Gain/(Loss) on investments in equity instruments designated as at fair value through other comprehensive income | (0.5) | (4.4) | 780 |
Items that may be reclassified subsequently to profit or loss: | |||||
0.8 | 0.2 | Exchange differences on translating foreign operations | 0.3 | (1.9) | n.a. |
0.1 | - | Net fair value gain/(loss) on financial instruments | 0.1 | - | n.a. |
(6.8) | (3.8) | Other comprehensive income/(loss), net of income tax | - | (6.4) | n.a. |
9.7 | 34.4 | Total comprehensive income/(loss) for the period | 182.1 | 172.8 | (5) |
At 31 December 2024 and 31 December 2025 (in EUR millions )
Note | 31 December 2024 | 31 December 2025 | % | |
Assets | ||||
Non-current assets | ||||
Intangible assets | 9 | 97.9 | 107.3 | 10 |
Property, plant and equipment | 10 | 1,814.9 | 1,870.0 | 3 |
Investment property | 31.1 | 30.0 | (4) | |
Right-of-use assets | 10 | 37.9 | 73.9 | 95 |
Investments in associates and joint venture | 132.8 | 131.3 | (1) | |
Other investments | 0.9 | 0.9 | (0) | |
Other non-current financial asset | 81.6 | 82.5 | 1 | |
Deferred tax | 108.2 | 116.9 | 8 | |
Long-term marketable securities | 2.6 | 2.6 | - | |
Non-current financial assets | 98.1 | 92.7 | (6) | |
Other non-current asset | 38.3 | 22.4 | (42) | |
Total non-current assets | 2,444.3 | 2,530.5 | 4 | |
Current assets | ||||
Inventories | 11 | 431.6 | 431.5 | (0) |
Trade receivables, net | 12 | 296.6 | 293.5 | (1) |
Other current financial asset | 11.4 | 14.4 | 26 | |
Corporative income tax receivables | 0.3 | 0.5 | 67 | |
Derivative financial instruments | 11.5 | 3.9 | (66) | |
Other current assets | 35.2 | 39.0 | (12) | |
Cash and cash equivalents | 110.0 | 161.5 | 47 | |
Current assets | 896.6 | 944.3 | 5 | |
Assets held for sale | 0.9 | 0.6 | (33) | |
Total current assets | 897.5 | 944.9 | 5 | |
Total assets | 8 | 3,341.8 | 3,475.4 | 4 |
Equity and liabilities | ||||
Capital and reserves | ||||
Share capital | 13 | 1,200.0 | 1,200.0 | - |
Legal reserves | 51.1 | 58.9 | 15 | |
Fair value reserves | 73.5 | 69.1 | (6) | |
Other reserves | 208.3 | 206.6 | (1) | |
(Accumulated losses)/Retained earnings | 48.3 | 99.2 | 105 | |
Equity attributable to the owners of the Company | 1,581.2 | 1,633.8 | 3 | |
Non-controlling interests | 3.5 | 3.7 | 6 | |
Total equity | 1,584.7 | 1,637.5 | 3 | |
Non-current liabilities | ||||
Long-term debts | 264.6 | - | n.a. | |
Long-term lease liabilities | 30.8 | 58.9 | 91 | |
Other non-current liabilities | 2.4 | 2.4 | - | |
Employee benefits obligation | 7.1 | 9.3 | 31 | |
Provisions | 495.8 | 497.5 | 0 | |
Deferred tax liability | 2.3 | 2.4 | 4 | |
Total non-current liabilities | 803.0 | 570.5 | (29) | |
Current liabilities | ||||
Bank loans and current portion of long-term debt | 327.7 | 663.8 | 103 | |
Current portion of long-term lease liabilities | 8.3 | 16.9 | 104 | |
Other current financial liabilities | 5.2 | 4.4 | (15) | |
Trade payables | 15 | 357.9 | 293.9 | (18) |
Taxes and contributions | 132.2 | 138.0 | 4 | |
Corporate tax liabilities | 9.7 | 7.7 | (21) | |
Other current liabilities | 60.6 | 73.5 | 21 | |
Derivative financial instruments | 10.0 | 8.8 | (12) | |
Employee benefits obligation | 0.6 | 0.6 | - | |
Provisions | 41.9 | 59.8 | 43 | |
Total current liabilities | 954.1 | 1,267.4 | 33 | |
Total liabilities | 14 | 1,757.1 | 1,837.9 | 5 |
Total equity and liabilities | 3,341.8 | 3,475.4 | 4 | |
Note: To ensure consistency of presentation with the current year, the Company has reclassified the asset in the amount of EUR 4.5 million from Property, Plant and Equipment to Investment Property
Condensed Consolidated Statement of Cash Flow (Indirect method)For the period ended 31 December 2024 and 2025 (in EUR millions )
Q4 2024 | Q4 2025 | Note | 2024 | 2025 | % | |
16.5 | 38.2 | Profit/(loss) for the period: | 182.1 | 179.2 | (2) | |
Adjustments for: | ||||||
61.4 | 66.6 | Depreciation, amortisation and impairment of property, plant and equipment and ROU asset (net) | 191.7 | 216.2 | 13 | |
10.1 | 9.6 | Income tax (benefit)/expense recognised in profit and loss | 43.2 | 35.8 | (17) | |
8.7 | 9.4 | Impairment charges (net) | 16.2 | 19.2 | 19 | |
(1.5) | (0.3) | Loss/(Gain) on sale of property, plant and equipment | (2.7) | (3.4) | 26 | |
6.2 | 0.5 | Foreign exchange (gain)/loss | (4.3) | (8.1) | 88 | |
(0.4) | (0.5) | Interest income | (2.4) | (2.5) | 4 | |
2.4 | 1.8 | Interest expense | 11.2 | 6.9 | (38) | |
(1.2) | (0.8) | Share of loss/(gain) of joint ventures accounted for using the equity method | (5.5) | (4.6) | (16) | |
(1.6) | (0.8) | Other finance (income)/expense recognised in profit and loss | (7.5) | (6.6) | (12) | |
30.1 | 19.4 | Increase/(decrease) in provision | 13.3 | 27.2 | 105 | |
5.6 | 6.5 | Decommissioning interests and other provision | 22.6 | 24.4 | 8 | |
2.3 | (1.5) | Net (gain)/loss on derivative financial instruments and hedge transactions | (5.7) | 2.1 | n.a. | |
(0.1) | - | Other non-cash items | (0.2) | - | n.a. | |
138.5 | 148.1 | Operating cash flow before working capital changes | 16 | 452.0 | 485.8 | 7 |
Movements in working capital | 17 | |||||
(18.3) | (15.1) | Decrease/(Increase) in inventories | (96.9) | (12.3) | (87) | |
29.3 | 46.5 | Decrease/(Increase) in receivables and prepayments | 13.2 | (28.3) | n.a. | |
114.9 | 13.5 | (Decrease)/Increase in trade and other payables | (13.9) | (29.3) | 111 | |
264.4 | 193.0 | Cash generated from operations | 354.4 | 415.9 | 17 | |
(10.6) | (10.2) | Taxes paid | (58.4) | (45.9) | (21) | |
253.8 | 182.8 | Net cash flows from operating activities | 296.0 | 370.0 | 25 | |
Cash flows used in investing activities | ||||||
(86.7) | (104.7) | Capital expenditures, exploration and development costs | (283.3) | (240.3) | (15) | |
(9.7) | (6.1) | Payments for intangible assets | (31.0) | (23.2) | (25) | |
2.3 | 1.7 | Proceeds from sale of non-current assets | 3.9 | 5.7 | 46 | |
- | - | Investment in securities | (0.1) | - | n.a. | |
- | - | Dividends received | 11.2 | 9.5 | (15) | |
0.6 | 0.6 | Interest received and other financial income | 6.6 | 8.9 | 35 | |
- | - | Loans and deposits given (net) | 0.2 | 0.1 | (50) | |
(93.5) | (108.5) | Net cash flows from investing activities | 18 | (292.5) | (239.3) | (18) |
Cash flows used in financing activities | ||||||
692.3 | 526.1 | Proceeds from borrowings | 2,637.6 | 2,336.1 | (11) | |
(786.5) | (564.3) | Repayment of borrowings | (2,413.3) | (2,257.1) | (6) | |
(3.2) | (4.3) | Payment of lease liabilities | (13.8) | (15.9) | 15 | |
(14.4) | - | Interest paid | (15.5) | (21.5) | 39 | |
- | - | Dividends paid | (240.0) | (119.8) | (50) | |
(111.8) | (42.5) | Net cash flows from financing activities | (45.0) | (78.2) | 74 | |
48.5 | 31.8 | Net increase/(decrease) in cash and cash equivalents | (41.5) | 52.5 | n.a. | |
60.9 | 130.1 | At the beginning of the period | 150.9 | 110.0 | (27) | |
- | - | Effect of foreign exchange rate changes | - | (0.5) | n.a. | |
48.5 | 31.9 | At the end of period | 109.4 | 162.0 | 48 | |
0.6 | (0.5) | Overdrafts | 0.6 | (0.5) | n.a. | |
110.0 | 161.5 | Cash and cash equivalents in statement of financial position | 110.0 | 161.5 | 47 | |
Q4 2024 | Q4 2025 | (EUR mn) | 2024 | 2025 | % |
Net sales revenues | |||||
154.6 | 121.9 | Exploration & Production | 579.2 | 530.3 | (8) |
952.2 | 888.7 | Refining & Marketing including Consumer services and Retail | 3,775.3 | 3,723.5 | (1) |
44.1 | 51.0 | Corporate and Other | 165.5 | 174.8 | 6 |
(168.4) | (151.1) | Intersegment transfers and consolidation adjustments | (643.7) | (593.6) | (8) |
982.5 | 910.5 | Total | 3,876.3 | 3,835.0 | (1) |
EBITDA* | |||||
67.2 | 50.3 | Exploration & Production | 308.7 | 260.2 | (16) |
17.3 | 65.7 | Refining & Marketing including Consumer services and Retail | 128.7 | 203.2 | 58 |
(1.3) | (5.7) | Corporate and Other | (5.8) | (15.7) | 171 |
15.9 | 10.8 | Intersegment transfers and consolidation adjustments | (0.5) | (7.0) | 1,300 |
99.1 | 121.1 | Total | 431.1 | 440.7 | 2 |
EBITDA Excluding Special Items | |||||
67.2 | 50.3 | Exploration & Production | 308.7 | 260.2 | (16) |
17.3 | 65.7 | Refining & Marketing including Consumer services and Retail | 128.7 | 203.2 | 58 |
(1.3) | (5.7) | Corporate and Other | (5.8) | (15.7) | 171 |
15.9 | 10.8 | Intersegment transfers and consolidation adjustments | (0.5) | (7.0) | 1.300 |
99.1 | 121.1 | Total | 431.1 | 440.7 | 2 |
Profit/(Loss) from operations | |||||
39.7 | 16.8 | Exploration & Production | 229.3 | 168.1 | (27) |
(8.1) | 36.8 | Refining & Marketing including Consumer services and Retail | 36.1 | 95.3 | 164 |
(9.9) | (10.0) | Corporate and Other | (25.7) | (32.1) | 25 |
16.0 | 10.9 | Intersegment transfers and consolidation adjustments | (0.3) | (6.8) | 2,167 |
37.7 | 54.5 | Total | 239.4 | 224.5 | (6) |
Profit/(Loss) from operations Excluding Special Items | |||||
52.5 | 28.7 | Exploration & Production | 242.1 | 180.0 | (26) |
(8.1) | 36.8 | Refining & Marketing including Consumer services and Retail | 36.1 | 95.3 | 164 |
(9.9) | (10.0) | Corporate and Other | (25.7) | (32.1) | 25 |
16.0 | 10.9 | Intersegment transfers and consolidation adjustments | (0.3) | (6.8) | 2,167 |
50.5 | 66.4 | Total | 252.2 | 236.4 | (6) |
Property, plant and equipment | |||||
543.6 | 547.7 | Exploration & Production | 543.6 | 547.7 | 1 |
1,238.3 | 1,288.4 | Refining & Marketing including Consumer services and Retail | 1,238.3 | 1,288.4 | 4 |
87.7 | 90.7 | Corporate and Other | 87.7 | 90.7 | (2) |
(54.7) | (56.8) | Intersegment transfers and consolidation adjustments | (54.7) | (56.8) | 4 |
1,814.9 | 1,870.0 | Total | 1,814.9 | 1,870.0 | 3 |
*EBITDA = EBIT + Depreciation, amortization and impairment (net)
Inters egment trans fers and cons olidation adjus tments
Intersegment transfers and consolidation adjustments indicate unrealised profit/loss on domestic crude oil and natural gas being transferred from Exploration and Production to Refining and Marketing but still being kept on INA inventory as crude oil/natural gas or finished/semi-finished product. Intersegment EBITDA effect on result in 2025 is EUR (7.0) million compared to EUR (0.5) million in 2024.
Financial overview and notes Condensed Consolidated Statement of Profit or LossNotes
Revenue from contracts with customers in 2025 amounted to EUR 3,835.0 million and are 1% lower compared to 2024.
Costs of raw materials and consumables at EUR (1,725.3) million were higher than in 2024, reflecting different dynamic of refinery operation.
Other operating costs realized in 2025 include:
Depreciation, amortisation and impairment (net) in the amount of EUR (216.2) million was 13% higher compared to 2024,
Other material costs in the amount of EUR (261.4) million were higher by 2% compared to 2024,
Service costs in the amount of EUR (83.5) million were 2% higher compared to 2024,
Impairment charges (net) had a negative effect in the amount of EUR (19.2) million in 2025 compared to negative effect in the amount of EUR (16.2) million in 2024,
Provision for charges and risk (net) had a negative effect in the amount of EUR (60.3) million in 2025 compared to EUR (52.6) million negative effect in 2024.
Staff costs in the amount EUR (323.0) million were 13% higher than the 2024, mainly due to compensation increase and provision for tenure allowance in 2025.
Costs of other goods sold in 2025 amounted to EUR (1,032.3) million and were lower compared to 2024.
Net result from financial activities is negative in 2025 mainly as a result of:
Net foreign exchange gain amounted to EUR 8.1 million in 2025, while in 2024 it was EUR 4.3 million,
Interest expense amounted to EUR (31.3) million and interest income were EUR 2.5 million in 2025, while in 2024 interest expense amounted to EUR (33.9) million and interest income were EUR 2.4 million,
Other financial net gain amounted to EUR 6.6 million in 2025 compared to EUR 7.5 million net gain in 2024.
Income tax expense in 2025 amounted to EUR (35.8) million compared to EUR (43.2) million income tax expense in 2024. Tax costs and deferred taxes during the recording period are calculated on the basis of actual results and the profit tax rate, 18 % for the periods ended 31 December 2025 and 2024.
Condensed Consolidated Statement of Financial PositionNotes
As on 31 December 2025 INA Group total assets amounted to EUR 3,475.4 million, 4% higher than on 31 December 2024.
In the period ended 31 December 2025, INA Group invested EUR 22.1 million in intangible assets . The effect of depreciation equals EUR 5.0 million.
In the period ended 31 December 2025, INA Group invested EUR 257.7 million in property, plant and equipment. The effect of depreciation reduced net book value in the amount of EUR 176.4 million.
Inventories amounted to EUR 431.5 million:
During 2025, EUR 5.8 million was recognized as impairment of refined products and work in progress (during 2024: EUR 4.2 million was recognised as reversal of impairment of refined products and work in progress) within Changes in inventories of finished products and work in progress within Statement of profit or loss,
During 2025, EUR 2.7 million was recognized as impairment of merchandise (during 2024: EUR 1.6 million was recognised as reversal of impairment of merchandise) within Cost of goods sold within Statement of profit or loss.
Trade receivables (net) amounted to EUR 293.5 million, which is 1% lower than on 31 December 2024.
Share capital on 31 December 2025 amounted to EUR 1,200.0 million.
As on 31 December 2025 total liabilities amounted to EUR 1,837.9 million, 5% higher compared to 31 December 2024. INA Group net debt amounted to EUR 502.3 million and increased 4% compared to 31 December 2024. Net gearing on 31 December 2025 was 23.5%.
Trade payables amounted to EUR 293.9 million and decreased by 18% compared to 31 December 2024 mainly due to lower purchased volumes.
Condensed Consolidated Cash Flow Statement (Indirect method)Notes
The operating cash flow before working capital changes amounted to EUR 485.8 million in 2025 representing an increase compared to 2024, which is in line with the change in EBITDA performance excluding non-cash items
Movements in working capital affected the operating cash flow negatively by EUR (69.9) million, due to:
Increase in value of inventories in the amount of EUR (12.3) million,
Increase in receivables in the amount of EUR (28.3) million, mainly due to higher volumes,
Decrease in trade and other payables in the amount of EUR (29.3) million mainly related to different processing dynamic.
Net cash used in investing activities amounted to EUR (239.3) million of outflows, which is below EUR (292.5) million outflows in 2024, reflecting different investment dynamic.
Special items in operating profit and EBITDAIn addition to international accounting standards, international reporting standards and regulatory requests the company discloses special items to achieve a higher level of transparency and to provide better understanding of the usual business operations. Business events not occurring regularly and having a significant effect on operations and results are considered as special items. INA has adopted the materiality level for the special items in the amount of USD 10 million or above. If special items reach materiality level on cumulative basis, previous quarters are restated. Furthermore, in accordance with the adopted accounting policies and IFRS 36 - Impairment of Assets, INA performs impairment testing at the end of each reporting period if impairment indicators are assessed to be significant.
In 2024, the result was impacted by impairment of assets in the amount of EUR (12.8) million, while in 2025 the result was impacted in the amount of EUR (11.9) million.
Financial instruments and risk managementEUR mn
2024
2025
INA GROUP
Total impact of special items on net profit/(loss)
(12.8)
(11.9)
Total impact of special items on operating profit/(loss)
(12.8)
(11.9)
Total impact of special items on EBITDA
-
-
Exploration & Production
Total impact of special items on operating profit/(loss)
(12.8)
(11.9)
Impairment of asset
(12.8)
(11.9)
Total impact of special items on EBITDA
-
-
Risk Management procedures of INA Group are described in detail in Consolidated and separate Financial Statements of INA for the year ended 31 December 2024.
As of 31 December 2025, INA Group had:
Opened forward commodity swap transactions to hedge its exposure to changes in pricing periods and fixed price contracts,
Contracted and available short-term credit lines amounted to EUR 563.2 million, excluding overdrafts and trade financing credit lines established with the purpose to finance the purchase of crude oil and oil products,
Contracted and available long-term credit lines amounted to EUR 520 million,
Issued long-term bond of EUR 265 million, with a fixed annual interest rate and maturity in December 2026.
Subsequent eventsAfter the reporting date, the Company received a Tax resolution from the Ministry of Finance, Tax Administration, issued on 10 February 2026, concluding the corporate income tax audit for the period from 1 January 2020 to 31 December 2021 and the VAT audit for the period from 1 January to 31 December 2021. The tax audit identified additional tax liabilities in the total amount of EUR 22 million and related default interest of EUR 4.9 million, calculated up to the date of issuance of the Tax Audit Report. The Company intends to file an appeal against the tax resolution within the prescribed statutory deadline.
Russia - Ukraine conflictManagement is continuously investigating and assessing the possible effects of the current geopolitical situation, international sanctions and other possible limitations on the supply chain and business activities of INA Group, driven by the Russia's invasion of Ukraine that commenced on 24 February 2022. INA Group exposure to Russia and Ukraine does not require any adjustments to these financial statements as of 31 December 2025, and is not expected to jeopardize the business continuity of the Group.
Changes in equityRelated party transactionsEUR mn
Share capital
Legal reserves
Fair value reserves
Other reserves
(Accumulated losses)/ Retained earnings
Attributable to equity holders of
the parent company
Non
controlling interest
Total
Balance at 1 January 2024
1,200.0
39.9
73.9
207.5
118.1
1,639.4
3.2
1,642.6
Profit/(loss) for the period
-
-
-
-
181.8
181.8
0.3
182.1
Other comprehensive gain/(loss), net
-
-
(0.4)
0.4
-
-
-
-
Total comprehensive income/(loss) for the period
-
-
(0.4)
0.4
181.8
181.8
0.3
182.1
Transfer to legal and other reserves
-
11.2
-
0.4
(11.6)
-
-
-
Dividends paid
-
-
-
-
(240.0)
(240.0)
-
(240.0)
Balance at 31 December 2024
1,200.0
51.1
73.5
208.3
48.3
1,581.2
3.5
1,584.7
Balance at 1 January 2025
1,200.0
51.1
73.5
208.3
48.3
1,581.2
3.5
1,584.7
Profit/(loss) for the period
-
-
-
-
179.0
179.0
0.2
179.2
Other comprehensive gain/(loss), net
-
-
(4.4)
(2.0)
-
(6.4)
-
(6.4)
Total comprehensive income/(loss) for the period
-
-
(4.4)
(2.0)
179.0
172.6
0.2
172.8
Transfer to legal and other reserves
-
7.8
-
0.3
(8.1)
-
-
-
Dividends
-
-
-
-
(120.0)
(120.0)
-
(120.0)
Balance at 31 December 2025
1,200.0
58.9
69.1
206.6
99.2
1,633.8
3.7
1,637.5
INA Group has dominant positions in Croatia in oil and gas exploration and production, oil refining and the sale of gas and petroleum products. As a result of the INA Group strategic position within the Croatian economy, a substantial portion of its business and the business of its subsidiaries is transacted with the Croatian Government, its departments and agencies, and the companies with the Republic of Croatia being their majority shareholder.
Transactions between INA, d.d. and its subsidiaries, which are related parties of the Company, have been eliminated on Group level consolidation.
During 2025, INA Group entered the following trading transactions with the following related parties:
INA Group
Sales of goods
Purchase of goods
EUR mn
31 December 2025
31 December 2025
Companies available for sale
JANAF d.d. Zagreb
1.2
12.4
Governing company
MOL Nyrt.
52.7
180.3
Companies controlled by governing company
Tifon d.o.o.
130.4
2.2
MOL & INA d.o.o.
93.1
-
SLOVNAFT, a.s.
57.4
252.2
MOL Serbia d.o.o.
10.4
-
MOL Petrochemicals Co. Ltd.
4.1
-
MOL Commodity Trading Kft.
4.0
10.5
MOL Slovenija d.o.o.
1.0
-
Petrolszolg Kft.
0.6
-
Geoinform Kft.
0.2
0.1
MOL Pakistan MOL LUB Kft.
0.1
-
MOL LUB Kft.
0.1
0.1
FGSZ Zrt.
-
0.2
Management representationINA Group
Amounts owed from related
parties
Amounts owed to related
parties
EUR mn
31 December 2025
31 December 2025
Companies available for sale
JANAF d.d. Zagreb
0.1
1.1
Governing company
MOL Nyrt.
10.1
27.4
Companies controlled by governing company
Tifon d.o.o.
7.5
-
MOL & INA d.o.o.
6.6
-
MOL Serbia d.o.o.
1.5
0.3
SLOVNAFT, a.s.
0.9
2.3
MOL Petrochemicals Co. Ltd.
0.8
-
MOL Slovenija d.o.o.
0.4
0.1
Petrolszolg Kft.
0.2
-
MOL Slovenia Downstream Investment B.V.
-
5.4
Geoinform Kft.
-
0.4
MOL Commodity Trading Kft.
-
0.4
Consolidated financial statements of INA Group for 2025 have been prepared in accordance with the International Financial Reporting Standards (IFRS), i.e. they present fairly, in all material aspects, the financial position of the company, results of its operations and cash flows.
Management Board:
Zsuzsanna Ortutay - President of the Management Board
Károly Hazuga - Member of the Management Board
Zsombor Marton - Member of the Management Board
Hrvoje Milić - Member of the Management Board
dr.sc. Hrvoje Šimović - Member of the Management Board
Marin Zovko - Member of the Management Board
2