INA, the Croatian oil and gas company, concluded the fiscal year 2025 with a net profit of €179.2 million, reflecting a slight decrease of 1.6% compared to the previous year. This outcome stems from its consolidated, unaudited financial report, which indicates that while net earnings have dipped marginally, the company has shown enhanced operational performance when adjusted for certain factors.
The company’s CCS EBITDA, which provides a clearer picture of core operations by excluding inventory valuation effects and one-off items, reached €521 million. This figure represents an 11% increase from 2024, highlighting improved business performance under relatively stable market conditions. Total consolidated revenues for INA stood at €4.01 billion, remaining consistent with the prior year, while operating expenses were recorded at €3.79 billion, showing minimal variation.
A detailed analysis of segment performance reveals a particularly robust year for INA’s refining and marketing division, which encompasses retail and customer services. The division benefitted from higher sales volumes and favorable market dynamics, leading to a 3% increase in retail and customer sales. The CCS EBITDA for this segment rose to €284 million.
In terms of capital investments, INA allocated €123 million towards upstream oil and gas exploration and production, marking a significant 26% increase year-on-year. Overall investments by the company totaled €280 million, with a substantial portion directed towards the modernization of the Rijeka oil refinery. By the end of 2025, this upgrade project was reported as 99% complete, having entered the functional testing phase, with trial operations anticipated to commence in March and full production capacity expected in 2026.
The management characterized 2025 as a year marked by steady progress across all business segments, focusing on operational resilience and disciplined execution of strategic priorities. The company reiterated its commitment to enhancing long-term competitiveness, bolstering energy security, and facilitating the transition towards a more sustainable energy portfolio.
