INA Industrija nafte d d : 19.02.2026. – FR INA Group Q4 2025 ENG

About this update from Ina-industrija Nafte D.d.

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 2 nd 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 results INA 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 Production Q4 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 2 nd 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. ‌Refining and Marketing, including Consumer Services and Retail 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 m 3 ) 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). ‌Main external parameters 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) ‌Condensed Consolidated Statement of Profit or Loss 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) ‌Condensed Consolidated Statement of Other Comprehensive income 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) ‌Condensed Consolidated Statement of Financial Position 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 ‌INA Group Summary Segmental Results of Operations 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 Loss Notes 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 Position Notes 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 EBITDA In 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. EUR 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 - - ‌Financial instruments and risk management 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 events After 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 conflict Management 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 equity EUR 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 ‌Related party transactions 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 INA 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 ‌Management representation 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

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