INA, Croatia’s leading oil and gas company, concluded the year 2025 with a net profit of €179.2 million, reflecting a slight decrease of 1.6% compared to the previous year. This marginal decline did not overshadow the company’s enhanced operational performance, which was evident in its consolidated, unaudited financial report.
The company’s adjusted CCS EBITDA, which excludes inventory valuation impacts and one-off transactions, reached €521 million in 2025. This figure represents an 11% increase from 2024, indicating improved core operational performance despite relatively stable market conditions. Total consolidated revenues were approximately €4.01 billion, remaining consistent with prior year figures, while operating expenses were recorded at €3.79 billion, showing minimal variation.
A detailed analysis of segment performance reveals significant growth within the refining and marketing division, which encompasses retail and customer services. The segment benefited from increased sales volumes and favorable market dynamics, leading to a 3% rise in retail and customer sales. Consequently, CCS EBITDA for this segment grew to €284 million.
In the upstream sector, capital expenditures for oil and gas exploration and production amounted to €123 million, marking a notable 26% increase year-on-year. Overall investments by the company totaled €280 million, with a significant portion directed towards the modernization of the Rijeka oil refinery. By year-end 2025, this upgrade project was reported to be 99% complete, transitioning into functional testing. Trial operations are anticipated to commence in March 2026, with full production capacity expected to be realized later that year.
The management characterized 2025 as a period of consistent advancement across all business segments. They emphasized a commitment to operational resilience and strategic execution as key priorities moving forward. The company reiterated its dedication to enhancing long-term competitiveness, bolstering energy security, and progressing toward a more sustainable energy portfolio.
