INA, a key player in Croatia’s energy sector, has reported a loss of 2.3 million euros for the first quarter of 2026, a stark contrast to the profit of 35.4 million euros recorded during the same period last year. This downturn highlights the significant financial challenges faced by the company amid fluctuating market dynamics.
In terms of operational performance, revenue from core activities fell to 876.7 million euros, marking a 5% decline year-on-year. Operating costs saw only a marginal decrease of 1%, totaling 875.5 million euros. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) were reported at 70 million euros, reflecting a substantial 17% drop compared to the previous year, which underscores the pressure on profitability due to tight margins.
The decline in financial performance has been attributed to several factors, including falling natural gas prices early in the year and escalating geopolitical tensions in the Middle East that have fueled volatility in both oil and gas markets. However, certain segments within INA demonstrated resilience; refining and marketing operations remained stable while retail sales volumes increased by 5%, suggesting mixed operational results.
On the operational front, INA’s Rijeka refinery has returned to full capacity following recent modernization efforts and catalyst replacement. The delayed coking unit is nearing completion and is expected to enhance diesel production by up to 30% annually once fully operational in 2027. Additionally, upstream production has increased by 2.3% year-on-year, driven by ongoing investments and maintenance activities in both Croatia and Egypt, as well as new projects like the offshore Ika A field.
INA is also expanding its exploration portfolio through an agreement with Vermilion Zagreb Exploration to acquire a 60% stake in the SAVA-07 onshore block, pending government approval for full ownership. Capital expenditure for the first quarter surged to 76 million euros—more than double the previous year’s figure of 33 million euros—indicating increased investment in strategic initiatives.
CEO Zsuzsanna Ortutay characterized the company’s performance as stable despite prevailing market challenges and noted advancements in low-carbon initiatives. One significant project is a green hydrogen initiative in Rijeka valued at 61 million euros, partially funded by national recovery resources aimed at providing cleaner energy solutions while supporting long-term decarbonization efforts.
