INA posts EUR 548m EBITDA in first nine months of 2026; Rijeka DCU operational

Financial results

INA Group reported net sales revenues of EUR 3.84 billion and EBITDA of EUR 548 million for the first nine months of 2026. Segment CCS EBITDA comprised EUR 275.6 million in Exploration and Production and EUR 265.8 million in Refining and Marketing (including Consumer Services and Retail).

Operations and production

Overall hydrocarbon production rose 1% year‑on‑year following workovers and new wells in Egypt. Croatian offshore gas production increased by 21% and crude oil production in Egypt rose by 18%. The government approved INA’s acquisition of Vermilion Zagreb’s stake in the SAVA‑07 onshore area, increasing INA’s stake to 100%.

Refining and marketing

The new Delayed Coker Unit at the Rijeka Refinery has operated continuously and reliably since its successful start‑up in September and has already contributed positively to the segment result. Consumer Services and Retail sales volumes remained stable despite market volatility and a government‑imposed maximum retail price regime introduced in March.

Investment and balance sheet

Group capital expenditures totalled EUR 250.5 million, up 73% versus the first nine months of 2025, driven by the Rijeka Refinery upgrade, offshore field developments and wells workovers. Net debt decreased by 11% compared with end‑Q3 2025 to EUR 484.1 million, with gearing at 21.4%.

Management comment

INA’s president attributed improved results to a more favourable external environment, higher oil and gas production and the Rijeka DCU start‑up, and highlighted continued investment in production, supply security and development of a commercial green hydrogen facility at the Rijeka site.