Croatia’s INA Group posted a net profit of €54.3 million for the first half of 2025, reflecting a 21% increase compared to the same period last year. The growth was driven by higher natural gas prices, increased retail sales, expanded customer services, and stronger non-fuel margins.
Revenues rose to €1.84 billion, marking a 5% year-on-year gain. Clean CCS EBITDA, excluding one-off items, reached €188 million—an 18% improvement over H1 2024. The company reported net debt of €451 million, corresponding to a debt-to-equity ratio of 23%.
CEO Zsuzsanna Ortutay noted that performance remained solid across all business segments. In upstream operations, INA focused on boosting oil and gas output to counteract natural production decline in Croatian fields. The company filed a commercial discovery notice for the Obradovci-5 gas well in the Drava-03 exploration block, building on previous exploration success. Additionally, production began at the Jamarice gas field near Novska in July, further strengthening the domestic energy supply.
In refining and marketing, the Rijeka refinery operated steadily, while the heavy residue processing unit reached 96% completion—an important milestone in the refinery’s modernization program. INA also signed a €6 million contract for the construction of an undersea hydraulic barrier beneath the refinery, aimed at preventing marine pollution and enhancing environmental safety. The seabed remediation project is expected to be completed within two years, with full implementation by 2027 to address historical contamination.
Retail operations benefited from strong demand at the start of the tourist season. Non-fuel sales and margins continued to grow, supported by broader service offerings. In July, INA welcomed the Croatian Government’s decision not to extend fuel price regulations, describing it as a positive move toward a sustainable and competitive market. The company expects this deregulation to promote investment, service enhancements, and a balanced approach to consumer protection and market efficiency.
