INA Group reported a net profit of €35.4 million in the first quarter of 2025, reflecting a sharp 197% increase compared to the same period in 2024. The company’s net sales revenue rose by 14% year-on-year to €916.3 million, while clean CCS EBITDA (excluding special items) climbed 38% to reach €88 million.
Capital investments for the quarter totaled €33 million, slightly below previous levels due to reduced expenditure in the Refining and Marketing segment. One of the company’s key strategic projects—the Rijeka Oil Refinery Upgrade—is now 94% complete, with full mechanical completion expected by the end of 2025.
INA’s net debt stood at €596 million, resulting in a debt-to-equity ratio of 27%.
CEO Zsuzsanna Ortutay emphasized the company’s stable performance in oil and gas exploration, supported by higher gas prices and targeted investments in Croatia aimed at mitigating natural production decline. Notably, a new commercial gas discovery was made at the Obradovci-5 well in the Drava-03 block.
In line with INA’s transition toward renewable energy, geothermal drilling has commenced, marking a significant step in diversifying the company’s energy portfolio. Despite external margin pressures, INA maintained continuous refinery operations to ensure secure fuel supplies throughout the winter.
Looking ahead, the company is preparing to meet heightened fuel demand during the upcoming summer tourist season across its retail network. Ortutay affirmed that INA remains operationally and financially strong, well-positioned to navigate ongoing economic and energy market uncertainties.
