NIS Group returned to profitability in the first half of 2026, according to company figures. Net profit was approximately €83.5mn, while earnings before interest, tax, depreciation and amortisation were around €300mn. The period also saw average Brent crude prices rise to $92.60 a barrel from $71.70 in the same period of 2025.
Higher crude prices supported the upstream business and increased the value of production. Lower-cost inventories provided an additional accounting benefit. That advantage is expected to reverse gradually as more expensive replacement stocks move through the refining and sales system.
Financial performance and crude price effects
The company’s reported results reflected a combination of stronger commodity pricing and internal cost controls. Difficult market conditions and the operational burden linked to US sanctions were also part of the backdrop for performance. Management cited cost controls alongside the impact of crude prices and inventory effects.
While the first-half profit improved the group’s financial position, management also flagged that higher-cost inventories may weaken the next quarter’s result. The company said the inventory-related advantage is not expected to persist at the same level as replacement stocks are processed through operations.
Investment, production volumes and supply continuity
Capital expenditure amounted to approximately €101mn, with funding continuing for essential and strategic projects despite sanctions-related uncertainty. The group said maintaining investment is important for refinery reliability, environmental compliance, retail operations and domestic supply security.
NIS produced 554,400 tonnes of oil equivalent during the six-month period. Its refineries processed 1.6mn tonnes of crude and intermediate products, while petroleum-product sales reached 1.4mn tonnes. The figures highlight activity across upstream production and downstream processing.
The company said it maintained uninterrupted domestic supply throughout the period. It cited Serbia’s limited ability to replace refining and logistics capacity quickly as a key consideration. The operational data also pointed to the role of the Pančevo refinery and NIS distribution network in Serbia’s fuel market.
Sanctions exposure and ownership discussions
The earnings improvement does not remove ownership risk for NIS Group. The company remains subject to US sanctions due to Russian control, and it depends on temporary licences to maintain access to suppliers, banks, insurers and other international counterparties.
Discussions involving Hungary’s MOL and the Russian-held stake could eventually lead to a new ownership structure. Until any change occurs, financial performance is described as secondary to whether NIS can preserve uninterrupted access to crude oil, payments and cross-border services.
Management said it intends to retain tight spending controls and continue efficiency measures. It also warned that sanctions, ownership negotiations and supply-chain continuity remain variables that can affect operating conditions quickly compared with changes in refinery margins alone.
