INA, Croatia’s leading oil and gas company, 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 in the same period last year. This financial downturn highlights the challenges faced by the company amid fluctuating market conditions.
In the first three months of 2026, INA’s revenue from core operations totaled 876.7 million euros, reflecting a decline of 5% compared to the previous year. Operating costs saw only a marginal decrease of 1%, settling at 875.5 million euros. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also fell by 17%, amounting to 70 million euros, indicating tight margins and reduced profitability.
The decline in performance can be attributed to several factors, including a drop in natural gas prices early in the year and escalating geopolitical tensions in the Middle East that have contributed to increased volatility in oil and gas markets. However, certain segments within INA demonstrated resilience; refining and marketing operations remained stable while retail sales volumes increased by 5%, showcasing mixed operational results.
Operationally, INA’s Rijeka refinery has resumed full capacity following significant 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 increased by 2.3% year-on-year due to ongoing investments and maintenance activities in both Croatia and Egypt, as well as new projects like the offshore Ika A field.
Further strengthening its exploration portfolio, INA has signed an agreement with Vermilion Zagreb Exploration to acquire a 60% stake in the SAVA-07 onshore block, pending government approval for full ownership. The company’s capital expenditure surged to 76 million euros in Q1, more than double the previous year’s figure of 33 million euros, underscoring intensified investment in strategic projects.
CEO Zsuzsanna Ortutay characterized the company’s performance as stable despite challenging market dynamics and emphasized advancements in low-carbon initiatives. Among these initiatives is a notable green hydrogen project in Rijeka valued at 61 million euros, partially funded by national recovery resources. This project aims to provide cleaner energy solutions for industrial applications and mobility while supporting long-term decarbonization objectives.
