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INA d.d. — Interim / Quarterly Report 2026
Apr 30, 2026
2093_10-q_2026-04-30_95acdbf0-5018-4837-b741-5d8b779fc896.pdf
Interim / Quarterly Report
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Zagreb, April 2026
INA
INA GROUP
Q1 2026
FINANCIAL REPORT
Q1 2026 REPORT
INA GROUP CONSOLIDATED
INA
O
INA Group (ZB: INA-R-A; www.ina.hr) announced its Q1 2026 results. This report contains unaudited consolidated financial statements for the period ending 31 March 2026 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
Q1 2026 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
Russia – Ukraine conflict ... 13
Changes in equity ... 13
Related party transactions ... 14
Management representation ... 15
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
2
Q1 2025 REPORT
INA GROUP CONSOLIDATED
INA
Management discussion and analysis: INA Group financial results (IFRS)
| 2025 | EUR mn | Q1 2025 | Q1 2026 | % |
|---|---|---|---|---|
| 3,835.0 | Net sales revenues* | 916.3 | 868.5 | (5) |
| 440.7 | EBITDA (1) | 84.0 | 69.9 | (17) |
| 440.7 | EBITDA excl. special items (2) | 84.0 | 69.9 | (17) |
| 521.3 | CCS EBITDA excl. special items | 87.6 | 73.7 | (16) |
| 224.5 | Profit/(loss) from operations | 39.6 | 1.2 | (97) |
| 236.4 | Profit/(loss) from operations excl. special items (2) | 39.6 | 1.2 | (97) |
| 317.0 | CCS Profit/(loss) from operations excl. special items | 43.2 | 5.0 | (88) |
| (14.1) | Net (loss)/income from financial activities | 1.8 | (6.4) | n.a. |
| 179.0 | Profit/(loss) for the period attributable to Owners of the Company | 35.4 | (2.3) | n.a. |
| 190.9 | Profit/(loss) for the period excl. special items (2) | 35.4 | (2.3) | n.a. |
| 241.6 | Simplified Free Cash Flow (3) | 54.6 | (2.1) | n.a. |
| 370.0 | Net operating cash flow | (76.5) | 65.5 | n.a. |
| Earnings per share | ||||
| 17.9 | Basic and diluted earnings/(loss) per share (EUR per share) | 3.5 | - | n.a. |
| 502.3 | Net debt | 596.2 | 589.2 | (1) |
| 23.5 | Net gearing (%) | 27.0 | 26.4 | |
| 279.7 | CAPEX total (5) | 33.0 | 75.8 | 130 |
| 264.6 | Domestic | 31.1 | 73.0 | 135 |
| 15.1 | International | 1.9 | 2.8 | 48 |
| 2025 | USD mn (4) | Q1 2025 | Q1 2026 | % |
| 4,331.2 | Net sales revenues* | 964.2 | 1,016.4 | 5 |
| 497.7 | EBITDA (1) | 88.4 | 81.8 | (7) |
| 497.7 | EBITDA excl. special items (2) | 88.4 | 81.8 | (7) |
| 588.7 | CCS EBITDA excl. special items | 92.1 | 86.3 | (6) |
| 253.6 | Profit/(loss) from operations | 41.7 | 1.4 | (97) |
| 267.0 | Profit/(loss) from operations excl. special items (2) | 41.7 | 1.4 | (97) |
| 358.0 | CCS Profit/(loss) from operations excl. special items | 45.4 | 5.9 | (87) |
| (15.9) | Net (loss)/income from financial activities | 1.9 | (7.5) | n.a. |
| 202.2 | Profit/(loss) for the period attributable to Owners of the Company | 37.3 | (2.7) | n.a. |
| 215.7 | Profit/(loss) for the period excl. special items (2) | 37.3 | (2.7) | n.a. |
| 272.8 | Simplified Free Cash Flow (3) | 57.4 | (2.4) | n.a. |
| 417.9 | Net operating cash flow | (80.5) | 76.7 | n.a. |
| Earnings per share | ||||
| 20.2 | Basic and diluted earnings/(loss) per share (USD per share) | 3.7 | - | n.a. |
| 522.5 | Net debt | 643.7 | 676.6 | 5 |
| 315.9 | CAPEX total (5) | 34.7 | 88.7 | 156 |
| 298.8 | Domestic | 32.7 | 85.5 | 161 |
| 17.1 | International | 2.0 | 3.3 | 64 |
- Related to Revenue from contracts with customers
(1) EBITDA = EBIT + Depreciation, amortization and impairment (net)
(2) In 2025, the result was impacted by impairment of assets in the amount of EUR (11.9) million. In Q1 2025 and Q1 2026, there were no special items impacting the result.
(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 2025 – 1.1757 EUR/USD; as at 31 March 2026 1.1484; for Q1 2025 - 1.0523 EUR/USD; for Q1 2026 - 1.1703 EUR/USD
(5) Including borrowing costs in accordance with IAS 23
Q1 2026 financial and operational highlights
Following a stable 2025, the beginning of 2026 was marked by a less favourable gas-price environment, followed by global instability caused by geopolitical events in the Middle East that led to a sudden increase in oil and gas prices from March. INA Group performance in Q1 2026 was 17% lower than in the same period last year, with EBITDA amounting to EUR 70 million.
Exploration and Production EBITDA was weaker due to lower natural gas prices in January and February, reaching EUR 77 million in Q1 2026. Production increased by 2% compared to Q1 2025 as a result of workovers performed in Croatia and Egypt, together with the Offshore Ika A infill well and new wells in Egypt that were put into production. Capital investments amounted to EUR 26 million in Q1 2026, 65% higher than in Q1 2025, and were focused on Croatia. An agreement with Vermilion Zagreb Exploration d.o.o. has been signed to acquire a 60% stake in the onshore exploration area SAVA-07, thereby increasing INA's stake to 100% in that area, subject to obtaining Government approval.
Results of Refining and Marketing, including Consumer Services and Retail, remained stable despite significant market volatility caused by ongoing geopolitical uncertainty and the reintroduction of a regulation setting maximum retail prices for petroleum products, imposed by the Government at the beginning of March. Rijeka Refinery underwent a planned catalyst change in Q1 2026. Consumer Services and Retail sales volumes increased by 5% compared to Q1 last year, with consistently strong performance in key markets, while the non-fuel margin continued to grow. In line with this environment, CCS EBITDA of the segment reached EUR 19 million, an increase compared to Q1 last year.
Overall capital expenditures increased significantly compared to Q1 2025, amounting to EUR 76 million, mainly related to the Rijeka Refinery Upgrade Project and Croatian offshore field developments. The Rijeka Refinery Upgrade Project achieved Systems Mechanical Completion. Net debt remained at the same level as in Q1 2025, at EUR 589 million, with a gearing ratio of 26%, following the continuation of a strong investment cycle.
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
Q1 2026 REPORT INA GROUP CONSOLIDATED
INA
Zsuzsanna Ortutay, President of the Management Board, comments on the results
"In the first quarter of 2026, INA delivered stable operations. We increased our Exploration and Production output and strengthened our portfolio through the award of new concessions and the signing of an agreement with Vermilion. At the same time, the Rijeka Refinery Upgrade Project reached mechanical completion, marking a major milestone in enhancing our refining capabilities. Retail performance remained strong in both fuel and non-fuel segments.
Turbulent market moves started in March, which created sudden shock on crude and product prices. Crude sourcing became challenging due to the closure of major supply routes and normalization is not yet visible.
In this period, we continued to advance our low-carbon agenda, with a particular focus on green hydrogen. Following the signing of key agreements, we are progressing with the development of the project in Rijeka, which combines renewable electricity and electrolysis technology. This project worth EUR 61 million out of which up to EUR 15 million will be financed from the National Recovery and Resilience Plan, will enable us to produce green hydrogen for both industrial use and future mobility solutions, while contributing to the decarbonisation of our operations and supporting the broader energy transition."
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
4
Q1 2025 REPORT INA GROUP CONSOLIDATED
INA
Exploration and Production
| 2025 | Segment IFRS results (EUR mn) | Q1 2025 | Q1 2026 | % |
|---|---|---|---|---|
| 530.3 | Net sales revenues | 156.9 | 140.0 | (11) |
| 260.2 | EBITDA | 86.6 | 77.1 | (11) |
| 260.2 | EBITDA excl. special items* | 86.6 | 77.1 | (11) |
| 168.1 | Profit from operations | 69.7 | 39.3 | (44) |
| 180.0 | Profit from operation excl. special items* | 69.7 | 39.3 | (44) |
| 137.0 | Simplified Free Cash Flow** | 70.6 | 50.7 | (28) |
| 123.2 | CAPEX *** | 16.0 | 26.4 | 65 |
Note: Exploration and Production refers to the Upstream of INA, d.d. and following subsidiaries: Adriagas S.r.l. 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 2025, the result was impacted by impairment of assets in the amount of EUR (11.9) million. In Q1 2025 and Q1 2026, there were no special items impacting the result
** Simplified free cash flow = EBITDA excluding special items – CAPEX
*** Including borrowing costs in accordance with IAS 23
| 2025 | Hydrocarbon production (boe/d) | Q1 2025 | Q1 2026 | % |
|---|---|---|---|---|
| 10,367 | Crude oil production (boe/d) | 10,287 | 10,399 | 1 |
| 8,819 | Croatia | 8,868 | 8,634 | (3) |
| 1,548 | Egypt | 1,419 | 1,765 | 24 |
| 10,498 | Natural gas production (boe/d) | 10,491 | 10,926 | 4 |
| 2,318 | Croatia – offshore | 2,449 | 2,632 | 7 |
| 7,969 | Croatia – onshore | 7,831 | 8,144 | 4 |
| 211 | Egypt | 212 | 150 | (29) |
| 582 | Condensate (boe/d) | 611 | 548 | (10) |
| 575 | Croatia | 605 | 544 | (10) |
| 6 | Egypt | 6 | 5 | (29) |
| 21,447 | Total hydrocarbon production | 21,390 | 21,874 | 2 |
| 2025 | Total average realised hydrocarbon price | Q1 2025 | Q1 2026 | % |
| 66 | Total average hydrocarbon price (USD/boe)* | 75 | 78 | 5 |
- Calculated based on total sales revenue including natural gas internal selling price as well
Q1 2026 vs. Q1 2025
Key drivers
- Prices impacted sales revenues negatively by EUR (1.1) million. The average decrease in natural gas prices of 14% contributed negatively by EUR (7.0) million, while the continuously higher Brent price increased crude oil and condensate sales revenues by EUR 4.9 million, along with other products' positive impact on revenues in the amount of EUR 1.1 million
- Production was higher by 2.3% compared to the Q1 previous year. Croatian production increased due to positive effect of performed workovers, new Jam-183 well and cycling producing wells together with output from Offshore Ika A infill well. Higher production in Egypt was driven by contribution from newly drilled wells (North Bahariya, Ras Qattara) and workover operations (West Abu Gharadig)
- Oilfield services contributed to segment EBITDA by EUR 4.5 million, EUR (2.3) million lower compared to same period last year, primarily driven by lower third-party engagement
Capital expenditures
| 2026 (EUR mn) | Domestic | International |
|---|---|---|
| Exploration | 10.4 | 0.0 |
| Development | 11.4 | 2.4 |
| Other | 2.2 | - |
| TOTAL | 24.0 | 2.4 |
Higher CAPEX level compared to Q1 2025, while main activities during Q1 2026 include:
Croatia Onshore:
- Production optimization: 10 well workovers (WWO) performed
- Medimurje-7 well drilling: Drilling is finished and well-test results pending
- N-pentane (FFIG): Fractionation facilities upgrade successfully finished, enabling commercial production of n-pentane
Croatia Offshore:
- Ika A (2 re-entry wells): Completion phase finished. IKA A-1 R DIR short and long as well as IKA A-4 R DIR long string in production
Egypt:
- North Bahariya: 5 development wells drilled, 1 well Plug and abandonment work and 2 WWOs performed. 20-year license extension submitted to EGPC. Improved fiscal terms were negotiated effective from January 2026. Reconciliation to follow PSA ratification
- West Abu Gharadig & Ras Qattara: Regular production maintenance activities are ongoing. 5 WWOs performed and 1 development well drilled
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
Q1 2025 REPORT
INA GROUP CONSOLIDATED
INA
Refining and Marketing, including Consumer Services and Retail
| 2025 | Segment IFRS results (EUR mln) | Q1 2025 | Q1 2026 | % |
|---|---|---|---|---|
| 3,723.5 | Net sales revenues | 881.7 | 845.8 | (4) |
| 203.2 | EBITDA | 9.2 | 15.3 | 66 |
| 203.2 | EBITDA excl. special items* | 9.2 | 15.3 | 66 |
| 283.8 | CCS EBITDA excl. special items* | 12.8 | 19.1 | 50 |
| 95.3 | Profit/(loss) from operations | (14.5) | (11.8) | (19) |
| 95.3 | Profit/(loss) from operations excl. special items* | (14.5) | (11.8) | (19) |
| 175.9 | CCS Profit/(loss) from operations | (10.9) | (8.0) | (27) |
| 141.7 | Simplified Free Cash Flow** | (4.2) | (30.7) | 624 |
| 142.1 | CAPEX*** | 17.0 | 49.8 | 193 |
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 Slovenia d.o.o., HostINA 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 2025 and Q1 2026 the result was not impacted by special items..
** Simplified free cash flow = CCS EBITDA excluding special items – CAPEX
*** Including borrowing costs in accordance with IAS 23
| 2025 | Refining processing (kt) | Q1 2025 | Q1 2026 | % |
|---|---|---|---|---|
| 461 | Domestic crude oil | 64 | 58 | (9) |
| 2,552 | Imported crude oil | 671 | 369 | (45) |
| 766 | Other feedstock | 168 | 110 | (35) |
| 3,780 | Total refining throughput | 903 | 536 | (41) |
| Refining production (kt) | ||||
| 229 | LPG* | 50 | 30 | (40) |
| 48 | Naphtha | 5 | 24 | 365 |
| 972 | Gasoline | 237 | 120 | (50) |
| 256 | Kerosene | 22 | 22 | (2) |
| 1,451 | Diesel | 369 | 201 | (45) |
| 392 | Fuel oil | 116 | 70 | (40) |
| 110 | Other products** | 24 | 14 | (43) |
| 3,459 | Total | 824 | 481 | (42) |
| 42 | Refining loss | 11 | 10 | (6) |
| 279 | Own consumption | 68 | 45 | (33) |
| 3,780 | Total refining production | 903 | 536 | (41) |
| Refined product sales by country (kt) | ||||
| 2,617 | Croatia | 514 | 506 | (2) |
| 695 | B&H | 145 | 151 | 4 |
| 174 | Slovenia | 41 | 37 | (11) |
| 22 | Italy | 6 | 4 | (24) |
| 1,036 | Other markets | 307 | 230 | (25) |
| 4,546 | Total | 1,013 | 928 | (8) |
| Refined product sales by product (kt) | ||||
| 263 | LPG* | 57 | 45 | (20) |
| 48 | Naphtha | 5 | 25 | 378 |
| 1,094 | Gasoline | 297 | 169 | (43) |
| 274 | Kerosene | 26 | 25 | (5) |
| 2,203 | Diesel | 458 | 474 | 3 |
| 104 | Heating oil | 32 | 31 | (4) |
| 381 | Fuel oil | 109 | 102 | (7) |
| 78 | Bitumen | 15 | 8 | (44) |
| 101 | Other products*** | 14 | 49 | 259 |
| 4,546 | Total | 1,013 | 928 | (8) |
| 1.523 | o/w Consumer services and Retail segment sales | 304 | 321 | 5 |
| 367 | Total natural gas sales (mln m³) | 108 | 138 | 28 |
| 506 | Total number of service stations | 508 | 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
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
Q1 2026 REPORT INA GROUP CONSOLIDATED
iNA
Q1 2026 vs. Q1 2025
Key drivers
- During Q1 2026 Rijeka Refinery underwent a planned Feb/Mar catalyst change with successfully completed all scheduled works, resumed operations smoothly and in line with expectations, ensuring continued operational reliability and safe market supply
- Results remained stable amid significant market volatility stemming from ongoing geopolitical tensions related to the conflict dynamics in the Middle East
- Total Consumer Services and Retail sales volumes amounted to 321 kt in Q1 2026 which is 5% above Q1 2025, driven by consistently strong performance in key markets mainly as a result of quality of services and integration of modern technology (INA Loyalty program)
- Non-fuel margin increased by 12% reflecting continuous expansion in consumer goods, increasing number of Fresh Corners and active sale activities together with INA Loyalty program with more than 365 thousand active members
Capital expenditures
- Refining and Marketing CAPEX amounted to EUR 47.7 million:
- Rijeka Refinery Upgrade Project achieved Systems Mechanical Completion, 99% of subsystems commissioned and final activities related to start up readiness are in progress
- Installation of back pressure steam turbines with power generator is progressing, delivery of turbines expected in April. Reconstruction of foundations and installation of electric equipment and pipelines ongoing
- Hydrogen production: Grant agreement with Ministry of Economy for co-funding signed and electrolyser delivered. Procurement of other equipment, excavation and drilling works in progress as scheduled
- Rijeka Refinery flue gas management aimed at improving energy efficiency, with building permit obtained and procurement under finalisation. All contracts are signed for the works, delivery of equipment with a long delivery period, burner service and filter testing
- Consumer Services and Retail capital investments amounted to EUR 2.1 million in Q1 2026 with the focus on retail sites modernization and continued roll-out of Fresh Corner concept which is present at 226 retail locations (of which 176 in Croatia). INA's retail network currently consists of 506 service stations (out of which 390 in Croatia).
Main external parameters
| 2025 | Crude oil and gas prices | Q1 2025 | Q1 2026 | % |
|---|---|---|---|---|
| 69 | Brent dtd (USD/bbl) | 76 | 81 | 7 |
| 2.3 | (Azeri-Brent) spread (USD/bbl) | 2.2 | 3.8 | 72 |
| 39 | CEGH gas price (EUR/MWh) | 49 | 42 | (14) |
| FOB MED Products prices and crack spreads | ||||
| 698 | Gasoline - premium unleaded 10 ppm (USD/t) | 716 | 772 | 8 |
| 678 | Diesel - ULSD 10 ppm (USD/t) | 692 | 861 | 25 |
| 398 | Fuel oil 3.5% (USD/t) | 441 | 428 | (3) |
| 676 | LPG (USD/t) | 708 | 1,030 | 46 |
| 175 | Crack spread - gasoline (USD/t) | 143 | 158 | 10 |
| 156 | Crack spread - diesel (USD/t) | 120 | 247 | 107 |
| (125) | Crack spread - fuel oil 3.5% (USD/t) | (132) | (186) | 41 |
| 153 | Crack spread - LPG (USD/t) | 136 | 416 | 207 |
| 5.32 | Indicative refining margins (USD/bbl)* | 1.65 | 9.93 | 502 |
| Foreign exchange | ||||
| 1.13 | EUR/USD average | 1.05 | 1.17 | 11 |
| 1.18 | EUR/USD closing | 1.08 | 1.15 | 7 |
| 4.15 | 3m Term SOFR average (%) | 4.30 | 3.67 | (15) |
| 2.18 | 3m EURIBOR (%) average | 2.56 | 2.05 | (20) |
*Indicative refining margins based on 2018 Solomon yields, dated Brent price used for all feedstock
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
Q1 2025 REPORT INA GROUP CONSOLIDATED
INA
Condensed Consolidated Statement of Profit or Loss
For the period ended 31 March 2025 and 2026 (in EUR millions)
| 2025 | Note | Q1 2025 | Q1 2026 | % | |
|---|---|---|---|---|---|
| 3,835.0 | Revenue from contracts with customers | 1 | 916.3 | 868.5 | (5) |
| 53.3 | Other operating income | 10.2 | 8.2 | (20) | |
| 3,888.3 | Total operating income | 926.5 | 876.7 | (5) | |
| (9.2) | Changes in inventories of finished products and work in progress | (0.2) | 20.5 | n.a. | |
| (1,725.3) | Costs of raw materials and consumables | 2 | (494.2) | (259.7) | (47) |
| (216.2) | Depreciation, amortisation and impairment (net) | 3 | (44.4) | (68.7) | 55 |
| (261.4) | Other material costs | 3 | (61.0) | (144.3) | 137 |
| (83.5) | Service costs | 3 | (19.6) | (20.5) | 5 |
| (323.0) | Staff costs | 4 | (77.9) | (75.6) | (3) |
| (1,032.3) | Costs of other goods sold | 5 | (190.1) | (340.7) | 79 |
| (19.2) | Impairment charges (net) | 3 | (6.7) | (2.0) | (70) |
| (60.3) | Provision for charges and risks (net) | 3 | (3.4) | 0.2 | n.a. |
| 66.6 | Capitalised value of own performance | 10.6 | 15.3 | 44 | |
| (3,663.8) | Operating expenses | (886.9) | (875.5) | (1) | |
| 224.5 | Profit/(loss) from operations | 39.6 | 1.2 | (97) | |
| 51.1 | Finance income | 19.9 | 7.0 | (65) | |
| (65.2) | Finance costs | (18.1) | (13.4) | (26) | |
| (14.1) | Net (loss)/income from financial activities | 6 | 1.8 | (6.4) | n.a. |
| Share of net profit/(loss) of associates accounted for using the equity method | 6 | 0.9 | 1.1 | 22 | |
| 215.0 | Profit/(loss) before tax | 42.3 | (4.1) | n.a. | |
| (35.8) | Income tax gain/(expense) | 7 | (6.9) | 1.8 | n.a. |
| 179.2 | Profit/(loss) for the period | 35.4 | (2.3) | n.a. | |
| Attributable to: | |||||
| 179.0 | Owners of the Company | 35.4 | (2.3) | n.a. | |
| 0.2 | Non-controlling interests | - | - | n.a. | |
| Earnings per share | |||||
| 17.9 | Basic and diluted earnings/(loss) per share (EUR per share) | 3.5 | - | n.a. |
Condensed Consolidated Statement of Other Comprehensive income
For the period ended 31 March 2025 and 2026 (in EUR millions)
| 2025 | Note | Q1 2025 | Q1 2026 | % | |
|---|---|---|---|---|---|
| 179.2 | Profit/(Loss) before tax | 35.4 | (2.3) | n.a. | |
| (0.1) | Remeasurement of defined benefit obligation | - | (0.2) | n.a. | |
| (4.4) | Gain/(Loss) on investments in equity instruments designated as at fair value through other comprehensive income | (4.9) | 3.4 | n.a. | |
| Items that may be reclassified subsequently to profit or loss: | |||||
| (1.9) | Exchange differences on translating foreign operations | (0.5) | 0.3 | n.a. | |
| (6.4) | Other comprehensive income/(loss), net of income tax | (5.4) | 3.5 | n.a. | |
| 172.8 | Total comprehensive income/(loss) for the period | 30.0 | 1.2 | (96) |
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
Q1 2026 REPORT
INA GROUP CONSOLIDATED
INA
Condensed Consolidated Statement of Financial Position
At 31 December 2025 and 31 March 2026 (in EUR millions)
| Note | 31 December 2025 | 31 March 2026 | % | |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Intangible assets | 9 | 103.6 | 142.3 | 37 |
| Goodwill | 3.7 | 3.7 | (0) | |
| Property, plant and equipment | 10 | 1,870.0 | 1,891.5 | 1 |
| Investment property | 30.0 | 29.7 | (1) | |
| Right-of-use assets | 10 | 73.9 | 70.3 | (5) |
| Investments in associates and joint venture | 131.3 | 132.3 | 1 | |
| Other investments | 0.9 | 0.9 | (0) | |
| Other non-current financial asset | 82.5 | 87.1 | 6 | |
| Deferred tax | 116.9 | 139.0 | 19 | |
| Long-term marketable securities | 2.6 | 2.6 | - | |
| Non-current financial assets | 92.7 | 96.9 | 5 | |
| Other non-current asset | 22.4 | 22.5 | 0 | |
| Total non-current assets | 2,530.5 | 2,618.8 | 3 | |
| Current assets | ||||
| Inventories | 11 | 431.5 | 546.2 | 27 |
| Trade receivables, net | 12 | 293.5 | 331.8 | 13 |
| Other current financial asset | 14.4 | 160.3 | 1,013 | |
| Corporative income tax receivables | 0.5 | 9.8 | 1,860 | |
| Other current assets | 39.0 | 43.7 | 12 | |
| Derivative financial instruments | 3.9 | 35.2 | 803 | |
| Cash and cash equivalents | 161.5 | 108.8 | (33) | |
| Current assets | 944.3 | 1,235.8 | 31 | |
| Assets held for sale | 0.6 | 0.8 | 33 | |
| Total current assets | 944.9 | 1,236.6 | 31 | |
| Total assets | 8 | 3,475.4 | 3,855.4 | 11 |
| Equity and liabilities | ||||
| Capital and reserves | ||||
| Share capital | 13 | 1,200.0 | 1,200.0 | - |
| Legal reserves | 58.9 | 58.9 | - | |
| Fair value reserves | 69.1 | 72.5 | 5 | |
| Other reserves | 206.6 | 206.7 | 0 | |
| (Accumulated losses)/Retained earnings | 99.2 | 96.9 | (2) | |
| Equity attributable to the owners of the Company | 1,633.8 | 1,635.0 | 0 | |
| Non-controlling interests | 3.7 | 3.7 | (0) | |
| Total equity | 1,637.5 | 1,638.7 | 0 | |
| Non-current liabilities | ||||
| Borrowings | - | - | n.a. | |
| Long-term lease liabilities | 58.9 | 55.7 | (5) | |
| Other long-term financial liabilities | 0.4 | 0.1 | (75) | |
| Other non-current liabilities | 2.0 | 2.0 | - | |
| Employee benefits obligation | 9.3 | 9.3 | - | |
| Provisions | 497.5 | 499.7 | 0 | |
| Deferred tax liability | 2.4 | 2.4 | 0 | |
| Total non-current liabilities | 570.5 | 569.2 | (0) | |
| Current liabilities | ||||
| Borrowings | 663.8 | 698.0 | 5 | |
| Current portion of long-term lease liabilities | 16.9 | 16.7 | (1) | |
| Other current financial liabilities | 4.4 | 69.6 | 1,482 | |
| Trade payables | 15 | 293.9 | 402.3 | 37 |
| Taxes and contributions | 138.0 | 156.4 | 13 | |
| Corporate tax liabilities | 7.7 | 28.4 | 269 | |
| Other current liabilities | 73.5 | 63.6 | (13) | |
| Derivative financial instruments | 8.8 | 141.5 | 1,508 | |
| Employee benefits obligation | 0.6 | 0.6 | - | |
| Provisions | 59.8 | 70.4 | 18 | |
| Total current liabilities | 1,267.4 | 1,647.5 | 30 | |
| Total liabilities | 14 | 1,837.9 | 2,216.7 | 21 |
| Total equity and liabilities | 3,475.4 | 3,855.4 | 11 |
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
Q1 2025 REPORT
INA GROUP CONSOLIDATED
INA
Condensed Consolidated Statement of Cash Flow (Indirect method)
For the period ended 31 March 2025 and 2026 (in EUR millions)
| 2025 | Note | Q1 2025 | Q1 2026 | % |
|---|---|---|---|---|
| 179.2 Profit/(loss) for the period: | 35.4 | (2.3) | n.a. | |
| Adjustments for: | ||||
| 216.2 Depreciation, amortisation and impairment | 44.4 | 68.7 | 55 | |
| 35.8 Income tax (benefit)/expense recognised in profit and loss | 6.9 | (1.8) | n.a. | |
| 19.2 Impairment charges (net) | 6.7 | 2.0 | (70) | |
| (3.4) Loss/(Gain) on sale of property, plant and equipment | (0.7) | (0.1) | (86) | |
| (8.1) Foreign exchange (gain)/loss | (9.2) | (0.4) | (96) | |
| (2.5) Interest income | (0.4) | (0.6) | 50 | |
| 6.9 Interest expense | 2.9 | 1.6 | (45) | |
| (4.6) Share of loss/(gain) of joint ventures accounted for using the equity method | (0.9) | (1.1) | 22 | |
| (6.6) Other finance (income)/expense recognised in profit and loss | (1.0) | (0.8) | (20) | |
| 27.2 Increase/(decrease) in provision | 2.3 | (1.6) | n.a. | |
| 24.4 Decommissioning interests and other provision | 5.9 | 6.5 | 10 | |
| 2.1 Net (gain)/loss on derivative financial instruments and hedge transactions | 1.3 | 80.5 | 6.092 | |
| 485.8 Operating cash flow before working capital changes | 16 | 93.6 | 150.6 | 61 |
| Movements in working capital | 17 | |||
| (12.3) (Increase)/decrease in inventories | 2.1 | (108.9) | n.a. | |
| (28.3) (Increase)/decrease in receivables and prepayments | (75.8) | (83.9) | 11 | |
| (29.3) (Decrease)/increase in trade and other payables | (86.1) | 117.3 | n.a. | |
| 415.9 Cash generated from operations | (66.2) | 75.1 | n.a. | |
| (45.9) Taxes paid | (10.3) | (9.6) | (7) | |
| 370.0 Net cash flows from operating activities | (76.5) | 65.5 | n.a. | |
| Cash flows used in investing activities | ||||
| (240.3) Capital expenditures, exploration and development costs | (31.7) | (73.9) | 133 | |
| (23.2) Payments for intangible assets | (4.3) | (0.6) | (86) | |
| 5.7 Proceeds from sale of non-current assets | 1.5 | 0.3 | (80) | |
| 9.5 Dividends received | - | - | n.a. | |
| 8.9 Interest received and other financial income | 2.9 | 1.9 | (34) | |
| 0.1 Loans and deposits given (net) | - | - | n.a. | |
| (239.3) Net cash flows from investing activities | 18 | (31.6) | (72.3) | 129 |
| Cash flows used in financing activities | ||||
| 2,336.1 Proceeds from borrowings | 959.1 | 516.7 | (46) | |
| (2,257.1) Repayment of borrowings | (902.5) | (482.5) | (47) | |
| (15.9) Payment of lease liabilities | (3.4) | (4.3) | 26 | |
| (21.5) Interest paid | (9.1) | (75.7) | 732 | |
| (119.8) Dividends paid | - | - | n.a. | |
| (78.2) Net cash flows from financing activities | 44.1 | (45.8) | n.a. | |
| 52.5 Net increase/(decrease) in cash and cash equivalents | (64.0) | (52.6) | (18) | |
| 110.0 At the beginning of the period | 110.0 | 161.5 | 47 | |
| (0.5) Effect of foreign exchange rate changes | (0.1) | (0.1) | - | |
| 162.0 At the end of period | 45.9 | 108.8 | 137 | |
| (0.5) Overdrafts | 0.3 | - | n.a. | |
| 161.5 Cash and cash equivalents in statement of financial position | 46.2 | 108.8 | 135 |
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
10
Q1 2025 REPORT INA GROUP CONSOLIDATED
INA
INA Group Summary Segmental Results of Operations
| 2025 | (EUR mn) | Q1 2025 | Q1 2026 | % |
|---|---|---|---|---|
| Net sales revenues | ||||
| 530.3 | Exploration & Production | 156.9 | 140.0 | (11) |
| 3,723.5 | Refining & Marketing including Consumer services and Retail | 881.7 | 845.8 | (4) |
| 174.8 | Corporate and Other | 37.8 | 40.9 | 8 |
| (593.6) | Intersegment transfers and consolidation adjustments | (160.1) | (158.2) | (1) |
| 3,835.0 | Total | 916.3 | 868.5 | (5) |
| EBITDA* | ||||
| 260.2 | Exploration & Production | 86.6 | 77.1 | (11) |
| 203.2 | Refining & Marketing including Consumer services and Retail | 9.2 | 15.3 | 66 |
| (15.7) | Corporate and Other | (6.1) | (4.4) | (28) |
| (7.0) | Intersegment transfers and consolidation adjustments | (5.7) | (18.1) | 218 |
| 440.7 | Total | 84.0 | 69.9 | (17) |
| EBITDA Excluding Special Items | ||||
| 260.2 | Exploration & Production | 86.6 | 77.1 | (11) |
| 203.2 | Refining & Marketing including Consumer services and Retail | 9.2 | 15.3 | 66 |
| (15.7) | Corporate and Other | (6.1) | (4.4) | (28) |
| (7.0) | Intersegment transfers and consolidation adjustments | (5.7) | (18.1) | 218 |
| 440.7 | Total | 84.0 | 69.9 | (17) |
| Profit/(Loss) from operations | ||||
| 168.1 | Exploration & Production | 69.7 | 39.3 | (44) |
| 95.3 | Refining & Marketing including Consumer services and Retail | (14.5) | (11.8) | (19) |
| (32.1) | Corporate and Other | (9.9) | (8.2) | (17) |
| (6.8) | Intersegment transfers and consolidation adjustments | (5.7) | (18.1) | 218 |
| 224.5 | Total | 39.6 | 1.2 | (97) |
| Profit/(Loss) from operations Excluding Special Items | ||||
| 180.0 | Exploration & Production | 69.7 | 39.3 | (44) |
| 95.3 | Refining & Marketing including Consumer services and Retail | (14.5) | (11.8) | (19) |
| (32.1) | Corporate and Other | (9.9) | (8.2) | (17) |
| (6.8) | Intersegment transfers and consolidation adjustments | (5.7) | (18.1) | 218 |
| 236.4 | Total | 39.6 | 1.2 | (97) |
| Property, plant and equipment | ||||
| 547.7 | Exploration & Production | 537.2 | 543.3 | 1 |
| 1,288.4 | Refining & Marketing including Consumer services and Retail | 1,234.9 | 1,316.1 | 7 |
| 90.7 | Corporate and Other | 86.2 | 89.2 | 3 |
| (56.8) | Intersegment transfers and consolidation adjustments | (55.2) | (57.1) | 3 |
| 1,870.0 | Total | 1,803.1 | 1,891.5 | 5 |
*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 Q1 2026 is EUR (18.1) million compared to EUR (5.7) million in Q1 2025.
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
Q1 2025 REPORT INA GROUP CONSOLIDATED
INA
Financial overview and notes
Condensed Consolidated Statement of Profit or Loss
Notes
- Revenue from contracts with customers in Q1 2026 amounted to EUR 868.5 million and are 5% lower compared to Q1 2025.
- Costs of raw materials and consumables at EUR (259.7) million were lower than in Q1 2025, reflecting different dynamic of refinery operation.
- Other operating costs realized in Q1 2026 include:
- Depreciation, amortisation and impairment (net) in the amount of EUR (68.7) million was higher compared to Q1 2025, due to asset capitalisation,
- Other material costs in the amount of EUR (144.3) million were higher compared to Q1 2025, as a result of crude price changes,
- Service costs in the amount of EUR (20.5) million were 5% higher compared to Q1 2025,
- Impairment charges (net) had a negative effect in the amount of EUR (2.0) million in Q1 2026 compared to negative effect in the amount of EUR (6.7) million in Q1 2025,
- Provision for charges and risk (net) had a positive effect in the amount of EUR 0.2 million in Q1 2026 compared to EUR (3.4) million negative effect in Q1 2025.
- Staff costs in the amount EUR (75.6) million were 3% lower than in Q1 2025.
- Costs of other goods sold in Q1 2026 amounted to EUR (340.7) million and were 79% higher compared to Q1 2025, as a result of planned catalyst change in refinery in February and March.
- Net result from financial activities is negative in Q1 2026 mainly as a result of:
- Net foreign exchange gain amounted to EUR 0.4 million in Q1 2026, while in Q1 2025 gain was EUR 9.2 million
- Interest expense amounted to EUR (8.1) million and interest income were EUR 0.6 million in Q1 2026, while in Q1 2025 interest expense amounted to EUR (8.8) million and interest income were EUR 0.4 million
- Other financial net gain amounted to EUR 0.8 million in Q1 2026 compared to EUR 1.0 million net gain in Q1 2025
- Income tax gain in Q1 2026 amounted to EUR 1.8 million compared to EUR (6.9) million income tax expense in Q1 2025. 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 March 2026 and 2025.
Condensed Consolidated Statement of Financial Position
Notes
- As on 31 March 2026 INA Group total assets amounted to EUR 3,855.4 million, 11% higher than on 31 December 2025.
- In the period ended 31 March 2026, INA Group invested EUR 0.2 million in intangible assets. The effect of depreciation equals EUR 1.1 million.
- In the period ended 31 March 2026, INA Group invested EUR 75.7 million in property, plant and equipment. The effect of depreciation reduced net book value in the amount of EUR 62.3 million.
- Inventories amounted to EUR 546.2 million:
- During Q1 2026, EUR 6.2 million was recognized as reversal of impairment of refined products and work in progress (during Q1 2025: EUR 5.8 million was recognised as 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 Q1 2026, EUR 1.5 million was recognized as reversal of impairment of merchandise (during Q1 2025: EUR 2.7 million was recognised as impairment of merchandise) within Cost of goods sold within Statement of profit or loss.
- Trade receivables (net) amounted to EUR 331.8 million, which is 13% higher than on 31 December 2025.
- Share capital on 31 March 2026 amounted to EUR 1,200.0 million.
- As on 31 March 2026 total liabilities amounted to EUR 2,216.7 million, 21% higher compared to 31 December 2025. INA Group net debt amounted to EUR 589.2 million and decreased by 1% compared to 31 March 2025. Net gearing on 31 March 2026 was 26.4%.
- Trade payables amounted to EUR 402.3 million and increased by 37% compared to 31 December 2025 mainly due to higher purchased volumes.
Condensed Consolidated Cash Flow Statement (Indirect method)
Notes
- The operating cash flow before working capital changes amounted to EUR 150.6 million in Q1 2026 representing an increase compared to Q1 2025, 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 (75.5) million, due to:
- Increase in value of inventories in the amount of EUR (108.9) million,
- Increase in receivables in the amount of EUR (83.9) million, mainly due to higher volumes,
- Increase in trade and other payables in the amount of EUR 117.3 million mainly related to higher import in line with processing dynamic.
- Net cash used in investing activities amounted to EUR (72.3) million of outflows, which is above EUR (31.6) million outflows in Q1 2025, reflecting different investment dynamic.
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
12
Q1 2025 REPORT INA GROUP CONSOLIDATED
INA
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 2025, the result was impacted by impairment of assets in the amount of EUR (11.9) million.
In Q1 2025 and Q1 2026, 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 2025.
As of 31 March 2026, 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 565.1 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.
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 March 2026, 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 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 | - | - | - | - | 35.4 | 35.4 | - | 35.4 |
| Other comprehensive gain/(loss), net | - | - | (4.9) | (0.5) | - | (5.4) | - | (5.4) |
| Total comprehensive income/(loss) for the period | - | - | (4.9) | (0.5) | 35.4 | 30.0 | - | 30.0 |
| Balance at 31 March 2025 | 1,200.0 | 51.1 | 68.6 | 207.8 | 83.7 | 1,611.2 | 3.5 | 1,614.7 |
| Balance at 1 January 2026 | 1,200.0 | 58.9 | 69.1 | 206.6 | 99.2 | 1,633.8 | 3.7 | 1,637.5 |
| Profit/(loss) for the period | - | - | - | - | (2.3) | (2.3) | - | (2.3) |
| Other comprehensive gain/(loss), net | - | - | 3.4 | 0.1 | - | 3.5 | - | 3.5 |
| Total comprehensive income/(loss) for the period | - | - | 3.4 | 0.1 | (2.3) | 1.2 | - | 1.2 |
| Balance at 31 March 2026 | 1,200.0 | 58.9 | 72.5 | 206.7 | 96.9 | 1,635.0 | 3.7 | 1,638.7 |
13
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
Q1 2026 REPORT
INA GROUP CONSOLIDATED
INA
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 Q1 2026, INA Group entered the following trading transactions with the following related parties:
| INA Group | Sales of goods | Purchase of goods |
|---|---|---|
| EUR mn | 31 March 2026 | 31 March 2026 |
| Related companies through direct or indirect ownership - associates and join controlled | ||
| Plinara Istočne Slavonije d.o.o. | 9.8 | - |
| Plinara Pula d.o.o. | 2.2 | - |
| ED INA d.o.o. | - | 2.9 |
| Companies available for sale | ||
| JANAF d.d. Zagreb | 0.3 | 1.8 |
| Governing company | ||
| MOL Nyrt. | 8.0 | 18.3 |
| Companies controlled by governing company | ||
| Tifon d.o.o. | 33.3 | 2.3 |
| MOL & INA d.o.o. | 19.9 | - |
| SLOVNAFT, a.s. | 4.6 | 6.3 |
| MOL Serbia d.o.o. | 1.9 | - |
| MOL Petrochemicals Co. Ltd. | 4.3 | - |
| MOL Commodity Trading Kft. | 0.1 | 22.5 |
| MOL Slovenija d.o.o. | 0.1 | - |
| Geoinform Kft. | 0.2 | 0.1 |
| ISO-SZER Kft. | 0.1 | - |
| Rossi Biofuel Zrt. | - | 5.4 |
| FGSZ Zrt. | - | 0.1 |
| INA Group | Amounts owed from related parties | Amounts owed to related parties |
| --- | --- | --- |
| EUR mn | 31 March 2026 | 31 March 2026 |
| Related companies through direct or indirect ownership - associates and join controlled | ||
| Plinara Istočne Slavonije d.o.o. | 2.4 | - |
| Plinara Pula d.o.o. | 0.9 | - |
| ED INA d.o.o. | - | 1.8 |
| Companies available for sale | ||
| JANAF d.d. Zagreb | 0.1 | 1.0 |
| Governing company | ||
| MOL Nyrt. | 4.5 | 11.5 |
| Companies controlled by governing company | ||
| Tifon d.o.o. | 19.6 | 2.7 |
| MOL & INA d.o.o. | 12.8 | - |
| MOL Serbia d.o.o. | 0.2 | 0.4 |
| SLOVNAFT, a.s. | - | 0.6 |
| MOL Petrochemicals Co. Ltd. | 1.0 | - |
| MOL Slovenia Downstream Investment B.V. | - | 5.4 |
| Rossi Biofuel Zrt. | - | 2.8 |
| Geoinform Kft. | 0.2 | 0.2 |
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
Q1 2026 REPORT INA GROUP CONSOLIDATED
INA
Management representation
Consolidated financial statements of INA Group for Q1 2026 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 Éva Ortutay – President of the Management Board
- Károly Hazuga – Member of the Management Board
- Zsombor Ádám Marton – Member of the Management Board
- Miroslav Skalicki – Member of the Management Board
- Hrvoje Šimović – Member of the Management Board
- Marin Zovko – Member of the Management Board
FINANCIAL STATEMENTS IN THIS REPORT ARE UNAUDITED
15