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INA d.d.
Quarterly Report • Jul 30, 2025
2093_10-q_2025-07-30_476c7e56-68eb-4f19-9e56-b088e28e751b.pdf
Quarterly Report
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INA GROUP Q2 & H1 2025 FINANCIAL REPORT
Zagreb, July 2025
| Management discussion and analysis: INA Group financial results (IFRS) 3 | |
|---|---|
| H1 2025 financial and operational highlights 3 | |
| Ms. 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 | |
| Russia – Ukraine conflict 13 | |
| Changes in equity 13 | |
| Related party transactions 14 | |
| Management representation 14 |
Management discussion and analysis: INA Group financial results (IFRS)
| Q2 2024 | Q2 2025 | EUR mn | H1 2024 | H1 2025 | % |
|---|---|---|---|---|---|
| 943.1 | 923.4 | Net sales revenues* | 1,744.9 | 1,839.7 | 5 |
| 93.2 | 81.1 | EBITDA (1) | 153.2 | 165.1 | 8 |
| 93.2 | 81.1 | EBITDA excl. special items (2) | 153.2 | 165.1 | 8 |
| 95.2 | 100.1 | CCS EBITDA excl. special items | 158.9 | 187.7 | 18 |
| 48.0 | 30.1 | Profit/(loss) from operations | 68.2 | 69.7 | 2 |
| 48.0 | 30.1 | Profit/(loss) from operations excl. special items (3) | 68.2 | 69.7 | 2 |
| 50.0 | 49.1 | CCS Profit/(loss) from operations excl. special items | 73.9 | 92.3 | 25 |
| (8.8) | (9.2) | Net (loss)/income from financial activities | (15.8) | (7.4) | (53) |
| 32.8 | 18.9 | Profit/(loss) for the period attributable to Owners of the Company | 44.7 | 54.3 | 21 |
| 32.8 | 18.9 | Profit/(loss) for the period excl. special items (3) | 44.7 | 54.3 | 21 |
| 36.6 | 46.2 | Simplified Free Cash Flow (4) | (1.2) | 100.8 | n.a. |
| (26.1) | 214.0 | Net operating cash flow | (112.3) | 137.5 | n.a. |
| Earnings per share | |||||
| 3.3 | 1.9 | Basic and diluted earnings/(loss) per share (EUR per share) | 4.5 | 5.4 | 21 |
| 497.0 | 451.3 | Net debt | 497.0 | 451.3 | (9) |
| 25.5 | 23.0 | Net gearing (%) | 25.5 | 23.0 | |
| 58.6 | 53.9 | CAPEX total | 160.1 | 86.9 | (46) |
| 56.9 | 50.8 | Domestic | 155.7 | 81.9 | (47) |
| 1.7 | 3.1 | International | 4.4 | 5.0 | 14 |
| Q2 2024 | Q2 2025 | USD mn (5) | H1 2024 | H1 2025 | % |
| 1,014.8 | 1,047.0 | Net sales revenues* | 1,885.4 | 2,011.2 | 7 |
| 100.3 | 92.0 | EBITDA (1) | 165.4 | 180.3 | 9 |
| 100.3 | 92.0 | EBITDA excl. special items (2) | 165.4 | 180.3 | 9 |
| 102.5 | 113.5 | CCS EBITDA excl. special items | 171.6 | 205.7 | 20 |
| 51.6 | 34.1 | Profit/(loss) from operations | 73.6 | 75.8 | 3 |
| 51.6 | 34.1 | Profit/(loss) from operations excl. special items (3) | 73.6 | 75.8 | 3 |
| 53.8 | 55.7 | CCS Profit/(loss) from operations excl. special items | 79.7 | 101.1 | 27 |
| (9.5) | (10.4) | Net (loss)/income from financial activities | (17.1) | (8.5) | (50) |
| 35.3 | 21.4 | Profit/(loss) for the period attributable to Owners of the Company | 48.2 | 58.7 | 22 |
| 35.3 | 21.4 | Profit/(loss) for the period excl. special items (3) | 48.2 | 58.7 | 22 |
| 39.4 | 52.4 | Simplified Free Cash Flow (4) | (1.7) | 109.8 | n.a. |
| (28.1) | 242.6 | Net operating cash flow | (121.7) | 162.1 | n.a. |
| Earnings per share | |||||
| 3.5 | 2.1 | Basic and diluted earnings/(loss) per share (USD per share) | 4.8 | 5.9 | 22 |
| 532.0 | 528.2 | Net debt | 532.0 | 528.2 | (1) |
| 63.1 | 61.1 | CAPEX total | 173.3 | 95.8 | (45) |
| 61.2 1.8 |
57.6 3.5 |
Domestic International |
168.5 4.8 |
90.3 5.5 |
(46) 16 |
* Related to Revenue from contracts with customers
(1) EBITDA = EBIT + Depreciation, amortization and impairment (net) (2)
In H1 2024 and H1 2025 there were no special items impacting the result (3) In H1 2024 and H1 2025 there were no special items impacting the result
(4) Simplified free cash flow = CCS EBITDA excluding special items – CAPEX
(5) 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 30 June 2024 - 1.0705 EUR/USD; as at 30 June 2025 - 1.0704 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
H1 2025 financial and operational highlights
A favourable gas price environment and a lower crude oil price from the beginning of the year continued in the second quarter of 2025. INA Group performance in H1 2025 was stronger compared to H1 2024 mostly due to natural gas price increase, higher Consumer Services and Retail sales volumes and higher non-fuel margins. CCS EBITDA excl. special items amounted to EUR 188 million, which is a 18% increase compared to H1 2024, with net profit increasing 21% compared to H1 2024 and amounting to EUR 54 million.
Exploration and Production EBITDA was lower, EUR 148 million in H1 2025, pressured by the natural decline of production, partially offset by increased gas prices. Production decreased by 10% compared to the same period last year due to natural decline, reservoir conditions, downtimes and lower contribution from offshore projects. Capital investments were focused to Croatia; notice of commercial discovery was submitted to the Croatian Hydrocarbon Agency for Obradovci-5 exploration well in Drava-03 while drilling was finished on Leščan geothermal well. Geological and drilling program preparation was completed on Ika A platform and production optimization on Croatian onshore fields continued.
Refining and Marketing incl. Consumer Services and Retail segment's result was stronger driven by retail performance with higher volumes sold and continuous non-fuel growth. Consumer Services and Retail sales volumes increased by 5% compared to H1 2024, with higher realization in the Croatian market. Non-fuel margin continued to grow with a 20% increase. CCS EBITDA of the segment amounted to EUR 64 million, while Simplified Free Cash Flow turned positive at EUR 17 million, an increase compared to the same period last year when investment spending was much higher due to turnaround investment activities that took place in Rijeka Refinery in H1 2024.
Overall Capital Expenditure in H1 2025 amounted to EUR 87 million, significantly lower compared to H1 2024, in line with lower investments in Refining and Marketing. Rijeka Refinery Upgrade Project reached 96% of total completion. Net debt amounted to EUR 451 million with gearing ratio of 23%.
Ms. Zsuzsanna Ortutay, President of the Management Board comments on the results
"In the first half of 2025, we delivered stable results across all business segments.
In Exploration and Production, we continue to successfully execute our production intensification program to mitigate natural production decline in Croatia. Building on last year's series of gas and oil discoveries, we achieved another important milestone by submitting a commercial gas discovery for the Obradovci-5 exploration well in the Drava-03 block. Additionally, in July we commenced new gas production at the Jamarice field near Novska, further strengthening our domestic production portfolio.
In Refining and Marketing, operations at the Rijeka Refinery remained stable, while the DCU project advanced to 96% completion – a key step in our refinery modernization efforts. We also signed a contract to begin construction of a hydraulic barrier beneath the Rijeka Refinery, designed to prevent sea pollution and enhance operational safety. This seabed remediation project, valued at EUR 6 million, is set for completion over the next two years, with full implementation by 2027, providing a long-term solution to historical environmental challenges.
At our retail sites, the start of the tourist season brought higher demand, accompanied by continued growth in our nonfuel offer and improved margins. These results are driven by our ongoing investments in retail network modernization and the further expansion of our Fresh Corner concept, which continues to set new standards for customer experience.
Finally, in July, we welcomed the Government's decision not to extend retail fuel price regulations. This marks an important step toward a sustainable, market-oriented business environment. We are confident that this change will enhance market flexibility, support continued investments and service improvements, and ensure a healthy balance between consumer protection and fair competition."
Exploration and Production
| Q2 2024 Q2 2025 |
Segment IFRS results (EUR mn) | H1 2024 | H1 2025 | % |
|---|---|---|---|---|
| 145.9 130.3 |
Net sales revenues | 280.8 | 287.2 | 2 |
| 86.9 61.5 |
EBITDA | 161.4 | 148.0 | (8) |
| 86.9 61.5 |
EBITDA excl. special items * | 161.4 | 148.0 | (8) |
| 66.7 41.7 |
Profit from operations | 126.4 | 111.3 | (12) |
| 66.7 41.7 |
Profit from operation excl. special items ** | 126.4 | 111.3 | (12) |
| 64.2 38.9 |
Simplified Free Cash Flow*** | 119.0 | 109.5 | (8) |
| 22.7 22.6 |
CAPEX | 42.4 | 38.5 | (9) |
Note: Exploration and Production refers to the Upstream of INA, d.d. and following subsidiaries: Adriagas S.r.I. Milano and Crosco Group. Crosco Group is reported from Q1 2025 in Exploration and
Production segment instead of Corporate and Other - comparable periods have been restated. * In H1 2024 and H1 2025 there were no special items impacting the result
** In H1 2024 and H1 2025 there were no special items impacting the result
*** Simplified free cash flow = EBITDA excluding special items – CAPEX
| Q2 2024 | Q2 2025 | Hydrocarbon production (boe/d) | H1 2024 | H1 2025 | % |
|---|---|---|---|---|---|
| 11,062 | 10,282 | Crude oil production (boe/d) | 11,007 | 10,284 | (7) |
| 9,294 | 8,780 | Croatia | 9,274 | 8,824 | (5) |
| 1,768 | 1,501 | Egypt | 1,733 | 1,460 | (16) |
| - | - | Angola | - | - | n.a. |
| 11,912 | 10,354 | Natural gas production (boe/d) | 11,843 | 10,422 | (12) |
| 2,900 | 2,323 | Croatia - offshore | 2,945 | 2,385 | (19) |
| 8,804 | 7,817 | Croatia - onshore | 8,696 | 7,824 | (10) |
| 207 | 215 | Egypt | 202 | 213 | 5 |
| 700 | 581 | Condensate (boe/d) | 717 | 596 | (17) |
| 694 | 574 | Croatia | 711 | 590 | (17) |
| 6 | 7 | Egypt | 6 | 7 | 5 |
| 23,674 | 21,217 | Total hydrocarbon production | 23,567 | 21,303 | (10) |
| Q2 2024 | Q2 2025 | Total average realised hydrocarbon price | H1 2024 | H1 2025 | % |
69 65 Total average hydrocarbon price (USD/boe)* 67 70 4
* Calculated based on total sales revenue including natural gas internal selling price as well
H1 2025 vs. H1 2024
Key drivers
- Prices impacted sales revenues positively by EUR 7.3 million. Natural gas prices higher by 43% on average contributed by EUR 30.3 million positive impact, while continuously lower Brent price decreased crude oil and condensate sales revenues by EUR (22.9) million.
- Production lower by 9.6% compared to the same period last year. Croatian production decreased due to expected natural decline, reservoir conditions, downtimes and lower project contribution along with lower offshore production caused by lower Ika B production, no contribution from Marica D, Vesna and Irina, and decreased Izabela production due to sand issue. Lower production in Egypt driven by natural decline, delayed start of production from new drilled wells on North Bahariya and postponed start of drilling campaign on West Abu Gharadig concession.
- Oilfield services contributed to segment EBITDA by EUR 11.5 million, EUR 7.7 million higher compared to same period last year, primarily driven by higher third-party engagement, both Croatia and international markets.
Capital expenditures
| H1 2025 (EUR mn) | Domestic | International |
|---|---|---|
| Exploration | 10.2 | - |
| Development | 13.7 | 4.0 |
| Other | 10.7 | - |
| TOTAL | 34.5 | 4.0 |
Lower CAPEX compared to H1 2024, while main activities during H1 2025 include:
Croatia Exploration:
- o 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
- o Block SA-07: Piljenice-1: well testing is finished. Post test analysis is ongoing
Croatia Geothermal:
o Leščan GT1 well: drilling is finished, well test in progress
Croatia Onshore:
- o Gola-4 Re-entry: well site preparation has been completed. Spud-in is planned for mid-July
- o Jamarice 183 tie in: Pipeline construction in progress, production start planned by the end of July
- o Production optimization: 23 well workovers (WWO) performed
- Croatia Offshore:
o Ika A platform (2 re-entry wells): geological and drilling program preparation are completed
Egypt:
- o North Bahariya: development drilling campaign is ongoing, 7 wells drilled and 2 WWOs performed
- o West Abu Gharadig & Ras Qattara: 5 WWOs performed, transaction of selling APEX shares to UEG underway
- o East Damanhur: drilling of new development well and well tie-in to the existing production facilities were cancelled since recently obtained Well Test data of ED-2X ST1 well did not support it
Refining and Marketing, including Consumer Services and Retail
| Q2 2024 Q2 2025 |
Segment IFRS results (EUR mn) | H1 2024 | H1 2025 | % |
|---|---|---|---|---|
| 919.5 893.2 |
Net sales revenues | 1,697.9 | 1,774.9 | 5 |
| 25.5 32.0 |
EBITDA | 37.8 | 41.3 | 9 |
| 25.5 32.0 |
EBITDA excl. special items* | 37.8 | 41.3 | 9 |
| 27.5 51.0 |
CCS EBITDA excl. special items* | 43.5 | 63.9 | 47 |
| 4.2 5.0 |
Profit/(loss) from operations | (4.9) | (9.4) | 92 |
| 4.2 5.0 |
Profit/(loss) from operations excl. special items* | (4.9) | (9.4) | 92 |
| 6.2 24.0 |
CCS Profit/(loss) from operations | 0.8 | 13.2 | 1,551 |
| (6.5) 20.9 |
Simplified Free Cash Flow** | (74.4) | 16.7 | n.a. |
| 34.0 30.1 |
CAPEX | 117.9 | 47.1 | (60) |
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. * In H1 2024 and H1 2025 there were no special items impacting the result
** Simplified free cash flow = CCS EBITDA excluding special items – CAPEX
| Q2 2024 | Q2 2025 | Refining processing (kt) | H1 2024 | H1 2025 | % |
|---|---|---|---|---|---|
| 106 | 138 | Domestic crude oil | 106 | 202 | 91 |
| 355 | 575 | Imported crude oil | 355 | 1,246 | 251 |
| 145 | 224 | Other feedstock | 170 | 393 | 130 |
| 606 | 938 | Total refining throughput | 632 | 1,841 | 191 |
| Refining production (kt) | |||||
| 32 | 64 | LPG* | 32 | 114 | 261 |
| 38 | 8 | Naphtha | 39 | 14 | (65) |
| 112 | 237 | Gasoline | 119 | 474 | 299 |
| 62 | 79 | Kerosene | 62 | 101 | 62 |
| 226 | 352 | Diesel | 226 | 722 | 220 |
| - | - | Heating oil | - | - | n.a. |
| 52 | 90 | Fuel oil | 56 | 206 | 267 |
| 20 | 27 | Other products** | 28 | 52 | 83 |
| 542 | 858 | Total | 562 | 1,683 | 199 |
| 11 | 10 | Refining loss | 11 | 21 | 86 |
| 53 | 69 | Own consumption | 58 | 137 | 136 |
| 606 | 938 | Total refining production | 632 | 1,841 | 191 |
| Refined product sales by country (kt) | |||||
| 649 | 681 | Croatia | 1,164 | 1,195 | 3 |
| 158 | 177 | B&H | 286 | 322 | 13 |
| 29 | 40 | Slovenia | 36 | 81 | 127 |
| 5 | 6 | Italy | 9 | 11 | 32 |
| 125 | 220 | Other markets | 249 | 527 | 112 |
| 966 | 1,124 | Total | 1,743 | 2,137 | 23 |
| Refined product sales by product (kt) | |||||
| 43 | 72 | LPG* | 74 | 129 | 75 |
| 41 | 8 | Naphtha | 47 | 14 | (71) |
| 181 | 266 | Gasoline | 324 | 563 | 74 |
| 76 | 78 | Kerosene | 98 | 104 | 6 |
| 520 | 560 | Diesel | 969 | 1,018 | 5 |
| 18 | 19 | Heating oil | 51 | 51 | (1) |
| 54 | 81 | Fuel oil | 67 | 191 | 183 |
| 25 | 23 | Bitumen | 40 | 38 | (5) |
| 8 | 17 | Other products*** | 72 | 30 | (58) |
| 966 | 1,124 | Total | 1,743 | 2,137 | 23 |
| 373 | 400 | o/w Consumer services and Retail segment sales | 671 | 705 | 5 |
| 88 | 78 | Total natural gas sales (mn m3) | 240 | 186 | (22) |
| 508 | 508 | Total number of service stations | 508 | 508 | 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
H1 2025 vs. H1 2024
Key drivers
- Rijeka Refinery operated efficiently throughout H1 2025
- Safe and reliable market supply consistently maintained, reinforcing a strong market position and stable share within the captive market
- Higher CCS EBITDA result in H1 2025 compared to H1 2024 supported by retail performance in line with higher volumes and continuous non-fuel margin increase
- Total Consumer Services and Retail sales volumes amounted to 705 kt in H1 2025 which is 5% above same period last year, driven by higher realisation on Croatian market (+27kt) mainly supported by positive market trends
- Non-fuel margin increased by 20% reflecting continuous expansion in consumer goods, increasing number of Fresh Corners and active sale activities together with INA Loyalty program with around 431 thousand active members
Capital expenditures
- Refining and Marketing CAPEX amounted to EUR 41.2 million:
- o Rijeka Refinery Upgrade Project achieved 96% overall completion with construction and testing activities actively progressing across all areas
- o Installation of back pressure steam turbines with power generator design phase ready, aimed at increasing energy efficiency
- o Hydrogen production project trajectory kept in line with strategic timeline. Electrolyser contracted and EPC tender launched
- o Biomethane production project main design finished, awaiting for building permit
- Consumer Services and Retail capital investments amounted to EUR 5.8 million in H1 2025 with the focus on retail location modernization and continued roll-out of Fresh Corner concept, which is present at 194 retail locations (o/w 149 in Croatia). INA's retail network currently consists of 508 service stations (of which 391 in Croatia).
Main external parameters
| Q2 2024 | Q2 2025 | Crude oil and gas prices | H1 2024 | H1 2025 | % |
|---|---|---|---|---|---|
| 85 | 68 | Brent dtd (USD/bbl) | 84 | 72 | (14) |
| 1.9 | 2.6 | Azeri-Brent spread (USD/bbl) | 3.0 | 2.4 | (20) |
| 33 | 39 | CEGH gas price (EUR/MWh) | 30 | 44 | 44 |
| FOB MED Products prices and crack spreads | |||||
| 864 | 683 | Gasoline - premium unleaded 10 ppm (USD/t) | 846 | 700 | (17) |
| 769 | 633 | Diesel – ULSD 10 ppm (USD/t) | 793 | 663 | (16) |
| 465 | 403 | Fuel oil 3.5% (USD/t) | 450 | 422 | (6) |
| 536 | 543 | LPG (USD/t) | 571 | 627 | 10 |
| 222 | 169 | Crack spread – gasoline (USD/t) | 210 | 156 | (26) |
| 126 | 119 | Crack spread – diesel (USD/t) | 157 | 119 | (24) |
| (177) | (110) | Crack spread – fuel oil 3.5% (USD/t) | (186) | (121) | (35) |
| (107) | 29 | Crack spread – LPG (USD/t) | (65) | 83 | n.a. |
| 4.14 | 3.22 | Indicative refining margins (USD/bbl) | 6.18 | 2.43 | (61) |
| Foreign exchange | |||||
| 1.08 | 1.13 | EUR/USD average | 1.08 | 1.09 | 1 |
| 1.07 | 1.17 | EUR/USD closing | 1.07 | 1.17 | 9 |
| 5.33 | 4.30 | 3m Term SOFR average (%) | 5.32 | 4.30 | (19) |
| 3.81 | 2.11 | 3m EURIBOR (%) average | 3.87 | 2.33 | (40) |
Condensed Consolidated Statement of Profit or Loss
For the period ended 30 June 2024 and 2025 (in EUR millions)
| Q2 2024 | Q2 2025 | Note | H1 2024 | H1 2025 | % | |
|---|---|---|---|---|---|---|
| 943.1 | 923.4 | Revenue from contracts with customers | 1 | 1,744.9 | 1,839.7 | 5 |
| 8.1 | 20.7 | Other operating income | 14.3 | 30.7 | 115 | |
| 951.2 | 944.1 | Total operating income | 1,759.2 | 1,870.4 | 6 | |
| 123.5 | (39.8) | Changes in inventories of finished products and work in progress | 94.3 | (40.0) | n.a. | |
| (339.9) | (409.8) | Costs of raw materials and consumables | 2 | (375.9) | (904.0) | 140 |
| (45.2) | (51.0) | Depreciation, amortisation and impairment (net) | 3 | (85.0) | (95.4) | 12 |
| (58.1) | (64.1) | Other material costs | 3 | (129.5) | (125.1) | (3) |
| (21.5) | (21.1) | Service costs | 3 | (38.2) | (40.5) | 6 |
| (71.8) | (84.5) | Staff costs | 4 | (138.9) | (162.4) | 17 |
| (495.1) | (248.0) | Costs of other goods sold | 5 | (1,037.9) | (438.1) | (58) |
| (3.8) | (0.5) | Impairment charges (net) | 3 | (4.3) | (7.2) | 67 |
| (8.2) | (9.7) | Provision for charges and risks (net) | 3 | (9.2) | (13.1) | 42 |
| 16.9 | 14.5 | Capitalised value of own performance | 33.6 | 25.1 | (25) | |
| (903.2) | (914.0) | Operating expenses | (1,691.0) | (1,800.7) | 6 | |
| 48.0 | 30.1 | Profit/(loss) from operations | 68.2 | 69.7 | 2 | |
| 5.8 | 18.8 | Finance income | 10.9 | 38.7 | 255 | |
| (14.6) | (28.0) | Finance costs | (26.7) | (46.1) | 73 | |
| (8.8) | (9.2) | Net (loss)/income from financial activities | 6 | (15.8) | (7.4) | (53) |
| Share of net profit/(loss) of joint ventures accounted for using the | ||||||
| 0.8 | 1.1 | equity method | 6 | 1.7 | 2.0 | 18 |
| 40.0 | 22.0 | Profit/(loss) before tax | 54.1 | 64.3 | 19 | |
| (7.2) | (3.1) | Income tax gain/(expense) | 7 | (9.4) | (10.0) | 6 |
| 32.8 | 18.9 | Profit/(loss) for the period | 44.7 | 54.3 | 21 | |
| Attributable to: | ||||||
| 32.8 | 18.9 | Owners of the Company | 44.7 | 54.3 | 21 | |
| - | - | Non-controlling interests | - | - | n.a. | |
| Earnings per share | ||||||
| 3.3 | 1.9 | Basic and diluted earnings/(loss) per share (EUR per share) | 4.5 | 5.4 | 21 |
Condensed Consolidated Statement of Other Comprehensive income
For the period ended 30 June 2024 and 2025 (in EUR millions)
| Q2 2024 | Q2 2025 | Note | H1 2024 | H1 2025 | % |
|---|---|---|---|---|---|
| 32.8 | 18.9 | Profit/(loss) before tax | 44.7 | 54.3 | 21 |
| Other comprehensive income/(loss), net of income tax: | |||||
| Items that will not be reclassified subsequently to profit or loss: | |||||
| Gain/(loss) on investments in equity instruments designated as | |||||
| 1.0 | 2.5 | at fair value through other comprehensive income | 2.9 | (2.4) | n.a. |
| Items that may be reclassified subsequently to profit or | |||||
| loss: | |||||
| 0.2 | (1.8) | Exchange differences on translating foreign operations | 0.4 | (2.3) | n.a. |
| 1.2 | 0.7 | Other comprehensive income/(loss), net of income tax | 3.3 | (4.7) | n.a. |
| 34.0 | 19.6 | Total comprehensive income/(loss) for the period | 48.0 | 49.6 | 3 |
Condensed Consolidated Statement of Financial Position
At 31 December 2024 and 30 June 2025 (in EUR millions)
| Note 31 December 2024 |
30 June 2025 | % |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Intangible assets 9 97.9 |
95.8 | (2) |
| Property, plant and equipment 10 1,819.4 |
1,812.7 | (0) |
| Investment property 26.6 |
26.0 | (2) |
| Rigth-of-use assets 10 37.9 |
79.3 | 109 |
| Investments in associates and joint venture 132.8 |
128.7 | (3) |
| Other investments 0.9 |
0.9 | (0) |
| Other non-current financial asset 81.6 |
75.3 | (8) |
| Deferred tax 108.2 |
107.8 | (0) |
| Long-term marketable securities 2.6 |
2.6 | - |
| Other non-current asset 98.1 |
95.1 | (3) |
| Non-current financial assets 38.3 |
44.2 | 15 |
| Total non-current assets 2,444.3 |
2,468.4 | 1 |
| Current assets | ||
| Inventories 11 431.6 |
469.9 | 9 |
| Trade receivables, net 12 296.6 |
331.5 | 12 |
| Other current financial asset 11.4 |
36.0 | 216 |
| Corporative income tax receivables 0.3 |
16.6 | 5,433 |
| Derivative financial instruments 11.5 |
8.3 | (28) |
| Other current assets 35.2 |
43.2 | 23 |
| Cash and cash equivalents 110.0 |
186.5 | 70 |
| Current assets 896.6 |
1,092.0 | 22 |
| Assets held for sale 0.9 |
0.8 | (11) |
| Total current assets 897.5 |
1,092.8 | 22 |
| Total assets 8 3,341.8 |
3,561.2 | 7 |
| 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 |
71.1 | (3) |
| Other reserves 208.3 |
206.0 | (1) |
| (Accumulated losses)/Retained earnings 48.3 |
(25.2) | n.a. |
| Equity attributable to the owners of the Company 1,581.2 |
1,510.8 | (4) |
| Non-controlling interests 3.5 |
3.5 | (0) |
| Total equity 1,584.7 |
1,514.3 | (4) |
| Non-current liabilities | ||
| Long-term debts 264.6 |
264.8 | 0 |
| Long-term lease liabilities 30.8 |
64.1 | 108 |
| Other non-current liabilities 2.4 |
2.1 | (13) |
| Employee benefits obligation 7.1 |
7.2 | 1 |
| Provisions 495.8 |
503.6 | 2 |
| Deferred tax liability 2.3 |
2.3 | 0 |
| Total non-current liabilities 803.0 |
844.1 | 5 |
| Current liabilities | ||
| Bank loans and current portion of long-term debt 327.7 |
373.0 | 14 |
| Current portion of long-term lease liabilities 8.3 |
16.5 | 99 |
| Other current financial liabilities 5.2 |
14.5 | 179 |
| Trade payables 15 357.9 |
398.6 | 11 |
| Taxes and contributions 132.2 |
182.1 | 38 |
| Corporate tax liabilities 9.7 |
9.1 | (6) |
| Other current liabilities 10.0 |
176.2 | 1,662 |
| Derivative financial instruments 60.6 |
16.7 | (72) |
| Employee benefits obligation 0.6 |
0.5 | (17) |
| Provisions 41.9 |
15.6 | (63) |
| Total current liabilities 954.1 |
1,202.8 | 26 |
| Liabilities directly associated with assets classified as held for sale - |
- | n.a. |
| Total liabilities 14 1,757.1 |
2,046.9 | 16 |
| Total equity and liabilities 3,341.8 |
3,561.2 | 7 |
Condensed Consolidated Statement of Cash Flow (Indirect method)
For the period ended 30 June 2024 and 2025 (in EUR millions)
| Q2 2024 | Q2 2025 | Note | H1 2024 | H1 2025 | % | |
|---|---|---|---|---|---|---|
| 32.8 | 18.9 | Profit/(loss) for the period: | 44.7 | 54.3 | 21 | |
| Adjustments for: Depreciation, amortisation and impairment of property, plant and equipment |
||||||
| 45.2 | 51.0 | and ROU asset (net) | 85.0 | 95.4 | 12 | |
| 7.2 | 3.1 | Income tax expense/(benefit) recognised in profit and loss | 9.4 | 10.0 | 6 | |
| 3.8 | 0.5 | Impairment charges (net) | 4.3 | 7.2 | 67 | |
| (0.2) | (2.2) | Loss/(gain) on sale of property, plant and equipment | (0.5) | (2.9) | 480 | |
| 1.4 | 2.8 | Foreign exchange (gain)/loss | 2.9 | (6.4) | n.a. | |
| (0.7) | (0.8) | Interest income | (1.3) | (1.2) | (8) | |
| 3.0 | 1.3 | Interest expense | 4.5 | 4.2 | (7) | |
| (0.8) | (1.1) | Share of loss/(gain) of joint ventures accounted for using the equity method | (1.7) | (2.0) | 18 | |
| (0.8) | (0.7) | Other finance (income)/expense recognised in profit and loss | (1.8) | (1.7) | (6) | |
| (27.0) | (17.5) | Increase/(decrease) in provision | (26.9) | (15.2) | (43) | |
| 5.8 | 6.6 | Decommissioning interests and other provision | 11.4 | 12.5 | 10 | |
| (1.4) | (10.4) | Net (gain)/loss on derivative financial instruments and hedge transactions | 16.0 | (9.1) | n.a. | |
| 68.3 | 51.5 | Operating cash flow before working capital changes | 16 | 146.0 | 145.1 | (1) |
| Movements in working capital | 17 | |||||
| (83.9) | (26.7) | Decrease/(increase) in inventories | (238.5) | (24.6) | (90) | |
| 10.1 | 13.9 | Decrease/(increase) in receivables and prepayments | (7.8) | (61.9) | 694 | |
| 13.2 | 191.1 | (Decrease)/increase in trade and other payables | 22.3 | 105.0 | 371 | |
| 7.7 | 229.8 | Cash generated from operations | (78.0) | 163.6 | n.a. | |
| (33.8) | (15.8) | Taxes paid | (34.3) | (26.1) | (24) | |
| (26.1) | 214.0 | Net cash flows from operating activities | (112.3) | 137.5 | n.a. | |
| Cash flows used in investing activities | ||||||
| (50.8) | (55.8) | Capital expenditures, exploration and development costs | (147.9) | (87.5) | (41) | |
| (5.8) | (7.0) | Payments for intangible assets | (13.5) | (11.3) | (16) | |
| 0.6 | 2.2 | Proceeds from sale of non-current assets | 0.9 | 3.7 | 311 | |
| 7.5 | 6.1 | Dividends received | 7.5 | 6.1 | (19) | |
| 2.0 | 3.1 | Interest received and other financial income | 2.9 | 6.0 | 107 | |
| - | 0.1 | Loans and deposits given (net) | 0.1 | 0.1 | 0 | |
| (46.5) | (51.3) | Net cash flows from investing activities | 18 | (150.0) | (82.9) | (45) |
| Cash flows used in financing activities | ||||||
| 483.2 | 308.6 | Proceeds from borrowings | 777.4 | 1,267.7 | 63 | |
| (305.6) | (312.4) | Repayment of borrowings | (464.5) | (1,214.9) | 162 | |
| (3.8) | (3.9) | Payment of lease liabilities | (7.2) | (7.3) | 1 | |
| 9.2 | (13.7) | Interest paid | (6.3) | (22.8) | 262 | |
| 183.0 | (21.4) | Net cash flows from financing activities | 299.4 | 22.7 | (92) | |
| 110.4 | 141.3 | Net increase/(decrease) in cash and cash equivalents | 37.1 | 77.3 | 108 | |
| 81.0 | 46.2 | At the beginning of the period | 150.9 | 110.0 | (27) | |
| (3.3) | (0.5) | Effect of foreign exchange rate changes | 0.1 | (0.6) | n.a. | |
| 188.1 | 187.0 | At the end of period | 188.1 | 186.7 | (1) | |
| 0.7 | (0.5) | Overdrafts | 0.7 | (0.2) | n.a. | |
| 188.8 | 186.5 | Cash and cash equivalents in statement of financial position | 188.8 | 186.5 | (1) |
Note: The following reclassifications were made in H1 2024: 0.1 million euro was reclassified from line Loss/(Gain) on sale of fixed assets within Operating activities to the line Proceeds from disposal of fixed assets within Investment activities due to disposal of Angolan operation and 3.6 million euro from line Effects of foreign exchange rate changes to line Capital expenditures, exploration and developments cost within Investment activities in respect of retranslation calculation
INA Group Summary Segmental Results of Operations
| Q2 2024 | Q2 2025 | (EUR mn) | H1 2024 | H1 2025 | % |
|---|---|---|---|---|---|
| Net sales revenues | |||||
| 145.9 | 130.3 | Exploration & Production | 280.8 | 287.2 | 2 |
| 919.5 | 893.2 | Refining & Marketing including Consumer services and Retail | 1,697.9 | 1,774.9 | 5 |
| 41.6 | 46.2 | Corporate and Other | 83.5 | 84.0 | 1 |
| (163.9) | (146.3) | Intersegment transfers and consolidation adjustments | (317.3) | (306.4) | (3) |
| 943.1 | 923.4 | Total | 1,744.9 | 1,839.7 | 5 |
| EBITDA* | |||||
| 86.9 | 61.5 | Exploration & Production | 161.4 | 148.0 | (8) |
| 25.5 | 32.0 | Refining & Marketing including Consumer services and Retail | 37.8 | 41.3 | 9 |
| (1.0) | (1.9) | Corporate and Other | (4.0) | (8.0) | 100 |
| (18.2) | (10.5) | Intersegment transfers and consolidation adjustments | (42.0) | (16.2) | (61) |
| 93.2 | 81.1 | Total | 153.2 | 165.1 | 8 |
| EBITDA Excluding Special Items | |||||
| 86.9 | 61.5 | Exploration & Production | 161.4 | 148.0 | (8) |
| 25.5 | 32.0 | Refining & Marketing including Consumer services and Retail | 37.8 | 41.3 | 9 |
| (1.0) | (1.9) | Corporate and Other | (4.0) | (8.0) | 100 |
| (18.2) | (10.5) | Intersegment transfers and consolidation adjustments | (42.0) | (16.2) | (61) |
| 93.2 | 81.1 | Total | 153.2 | 165.1 | 8 |
| Profit/(loss) from operations | |||||
| 66.7 | 41.7 | Exploration & Production | 126.4 | 111.3 | (12) |
| 4.2 | 5.0 | Refining & Marketing including Consumer services and Retail | (4.9) | (9.4) | 92 |
| (4.7) | (6.2) | Corporate and Other | (11.4) | (16.1) | 41 |
| (18.2) | (10.4) | Intersegment transfers and consolidation adjustments | (41.9) | (16.1) | (62) |
| 48.0 | 30.1 | Total | 68.2 | 69.7 | 2 |
| Profit/(loss) from operations Excluding Special Items | |||||
| 66.7 | 41.7 | Exploration & Production | 126.4 | 111.3 | (12) |
| 4.2 | 5.0 | Refining & Marketing including Consumer services and Retail | (4.9) | (9.4) | 92 |
| (4.7) | (6.2) | Corporate and Other | (11.4) | (16.1) | 41 |
| (18.2) | (10.4) | Intersegment transfers and consolidation adjustments | (41.9) | (16.1) | (62) |
| 48.0 | 30.1 | Total | 68.2 | 69.7 | 2 |
| Property, plant and equipment | |||||
| 485.9 | 536.7 | Exploration & Production | 485.9 | 536.7 | 10 |
| 1,220.0 | 1,242.2 | Refining & Marketing including Consumer services and Retail | 1,220.0 | 1,242.2 | 2 |
| 91.9 | 89.8 | Corporate and Other | 91.9 | 89.8 | (2) |
| (53.6) | (56.0) | Intersegment transfers and consolidation adjustments | (53.6) | (56.0) | 4 |
| 1,744.2 | 1,812.7 | Total | 1,744.2 | 1,812.7 | 4 |
*EBITDA = EBIT + Depreciation, amortization and impairment (net)
Intersegment transfers and consolidation adjustments
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 H1 2025 is EUR (16.2) million compared to EUR (42.0) million in H1 2024.
Financial overview and notes
Condensed Consolidated Statement of Profit or Loss
Notes
- 1 Revenue from contracts with customers in H1 2025 amounted to EUR 1,839.7 million and are 5% higher compared to H1 2024
- 2 Costs of raw materials and consumables at EUR (904.0) million were higher than in H1 2024, reflecting different dynamic of refinery operation
- 3 Other operating costs realized in H1 2025 include:
- Depreciation, amortisation and impairment (net) in the amount of EUR (95.4) million was 12% higher compared to H1 2024
- Other material costs in the amount of EUR (125.1) million were lower by 3% compared to H1 2024
- Service costs in the amount of EUR (40.5) million were 6% higher compared to H1 2024
- Impairment charges (net) had a negative effect in the amount of EUR (7.2) million in H1 2025 compared to negative effect in the amount of EUR (4.3) million in H1 2024
- Provision for charges and risk (net) had a negative effect in the amount of EUR (13.1) million in H1 2025 compared to EUR (9.2) million negative effect in H1 2024
- 4 Staff costs in the amount EUR (162.4) million were 17% higher than the H1 2024, mainly due to compensation increase and provision for tenure allowance in H1 2025
- 5 Costs of other goods sold in H1 2025 amounted to EUR (438.1) million and were higher compared to H1 2024
- 6 Net result from financial activities is negative in H1 2025 mainly as a result of:
- Net foreign exchange gain amounted to EUR 6.4 million in H1 2025, while in H1 2024 loss was EUR (2.9) million
- Interest expense amounted to EUR (16.6) million and interest income were EUR 1.2 million in H1 2025, while in H1 2024 interest expense amounted to EUR (15.9) million and interest income were EUR 1.3 million
- Other financial net gain amounted to EUR 1.7 million in H1 2025 compared to EUR 1.8 million net gain in H1 2024
- 7 Income tax expense in H1 2025 amounted to EUR (10.0) million compared to EUR (9.4) million income tax expense in H1 2024. Tax costs and deferred taxes during the reporting period are calculated based on actual results and the profit tax rate, 18% for the periods ended 30 June 2025 and 2024
Condensed Consolidated Statement of Financial Position
Notes
- 8 As on 30 June 2025 INA Group total assets amounted to EUR 3,561.2 million, 7% higher than on 31 December 2024
- 9 In the period ended 30 June 2025, INA Group invested EUR 11.3 million in intangible assets. The effect of depreciation equals EUR 2.6 million
- 10 In the period ended 30 June 2025, INA Group invested EUR 75.6 million in property, plant and equipment. The effect of depreciation reduced net book value in the amount of EUR 82.0 million
- 11 Inventories amounted to EUR 469.9 million and increased compared to EUR 431.6 million on 31 December 2024, mostly related to higher imported and domestic crude
- During H1 2025, EUR 0.4 million was recognized as impairment of refined products and work in progress (during H1 2024: EUR 4.5 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 H1 2025, EUR 0.8 million was recognized as impairment of merchandise (during H1 2024: EUR 1.4 million was recognised as reversal of impairment of merchandise) within Cost of goods sold within Statement of profit or loss
- 12 Trade receivables (net) amounted to EUR 331.5 million, which is 12% higher than on 31 December 2024 mainly due to higher volumes sold
- 13 Share capital on 30 June 2025 amounted to EUR 1,200.0 million
- 14 As on 30 June 2025 total liabilities amounted to EUR 2,046.9 million, 16% higher compared to 31 December 2024. INA Group net debt amounted to EUR 451.3 million and decreased compared to 31 December 2024. Net gearing decreased from 23.3% on 31 December 2024 to 23.0% on 30 June 2025
- 15 Trade payables amounted to EUR 398.6 million and increased by 11% compared to 31 December 2024 mainly due to higher purchased volumes
Condensed Consolidated Cash Flow Statement (Indirect method)
Notes
- 16 The operating cash flow before working capital changes amounted to EUR 145.1 million in H1 2025 representing a slight decrease compared to H1 2024, which is in line with the change in EBITDA performance excluding non-cash items 17 Movements in working capital affected the operating cash flow positively by EUR 18.5 million, due to:
- Increase in value of inventories in the amount of EUR (24.6) million related to higher volumes
- Increase in receivables in the amount of EUR (61.9) million, mainly due to higher volumes
- Increase in trade and other payables in the amount of EUR 105.0 million mainly related to external environment
- 18 Net cash used in investing activities amounted to EUR (82.9) million of outflows, which is below EUR (149.9) million outflows in H1 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 H1 2024 and H1 2025, there were no special items impacting the result.
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 30 June 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 533.5 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 350 million
- Issued long-term bond of EUR 265 million, with a fixed annual interest rate and maturity in December 2026
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 30 June 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 | - | - | - | - | 44.7 | 44.7 | - | 44.7 |
| Other comprehensive gain/(loss), net |
- | - | 2.9 | 0.4 | - | 3.3 | - | 3.3 |
| Total comprehensive income/(loss) for the period |
- | - | 2.9 | 0.4 | 44.7 | 48.0 | - | 48.0 |
| Transfer to legal reserves | - | 11.2 | - | - | (11.2) | - | - | - |
| Dividends paid | - | - | - | - | (240.0) | (240.0) | - | (240.0) |
| Balance at 30 June 2024 | 1,200.0 | 51.1 | 76.8 | 207.9 | (88.4) | 1,447.4 | 3.2 | 1,450.6 |
| 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 | - | - | - | - | 54.3 | 54.3 | - | 54.3 |
| Other comprehensive gain/(loss), net |
- | - | (2.4) | (2.3) | - | (4.7) | - | (4.7) |
| Total comprehensive income/(loss) for the period |
- | - | (2.4) | (2.3) | 54.3 | 49.6 | - | 49.6 |
| Transfer to legal reserves | - | 7.8 | - | - | (7.8) | - | - | - |
| Dividends paid | - | - | - | - | (120.0) | (120.0) | - | (120.0) |
| Balance at 30 June 2025 | 1,200.0 | 58.9 | 71.1 | 206.0 | (25.2) | 1,510.8 | 3.5 | 1,514.3 |
Related party transactions
INA Group has dominant position in Croatia in oil and gas exploration and production, oil refining and sale of gas and petroleum products. As a result of the strategic position of INA Group 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 H1 2025, INA Group entered the following trading transactions with the following related parties:
| INA Group | Sales of goods | Purchase of goods |
|---|---|---|
| EUR mn | 30 June 2025 | 30 June 2025 |
| Companies available for sale | ||
| JANAF d.d. Zagreb | 0.6 | 5.8 |
| Governing company | ||
| MOL Nyrt. | 20.6 | 123.8 |
| Companies controlled by governing company | ||
| Tifon d.o.o. | 61.1 | 0.5 |
| MOL & INA d.o.o. | 44.2 | - |
| SLOVNAFT, a.s. | 21.5 | 148.6 |
| MOL Commodity Trading Kft. | 8.2 | 18.4 |
| MOL Serbia d.o.o. | 2.5 | - |
| MOL Petrochemicals Co. Ltd. | 1.0 | - |
| MOL Slovenija d.o.o. | 0.5 | - |
| MOL LUB Kft. | 0.1 | 0.1 |
| Geoinform Kft. | 0.1 | - |
| MOL Pakistan | 0.1 | - |
| FGSZ Zrt. | - | 0.1 |
| INA Group | Amounts owed from related parties |
Amounts owed to related parties |
|---|---|---|
| EUR mn | 30 June 2025 | 30 June 2025 |
| Companies available for sale | ||
| JANAF d.d. Zagreb | 0.1 | 1.2 |
| Governing company | ||
| MOL Nyrt. | 5.0 | 92.7 |
| Companies controlled by governing company | ||
| MOL Commodity Trading Kft. | 21.0 | 19.5 |
| Tifon d.o.o. | 8.4 | (0.1) |
| MOL & INA d.o.o. | 7.5 | - |
| SLOVNAFT, a.s. | 1.8 | 52.9 |
| MOL Slovenija d.o.o. | 0.8 | 0.5 |
| MOL Serbia d.o.o. | 0.6 | 0.2 |
| Geoinform Kft. | 0.1 | 0.1 |
| MOL Czech Republic Llc | 0.1 | - |
| MOL Slovenia Downstream Investment B.V. | - | 5.4 |
Management representation
Consolidated financial statements of INA Group for H1 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