INA Group posts H1 2026: EBITDA €309m, Rijeka upgrade hits mechanical completion
- Net sales revenues were EUR 2.23 billion.
- EBITDA reached EUR 309 million.
- Capital investments totalled EUR 148 million.
- Rijeka Refinery Upgrade achieved systems mechanical completion and start-up activities are on track.
Results overview
INA Group reported H1 2026 net sales of EUR 2.23 billion and EBITDA of EUR 309 million. Net debt rose to EUR 479 million, with a gearing ratio of 22.8%.
Exploration & Production
E&P CCS EBITDA was EUR 172.3 million, up 16% year‑on‑year. Hydrocarbons production increased by 3% following workovers in Croatia and Egypt and new wells (Jam‑183 onshore and Ika A infill offshore); additional wells were started in Egypt and EUR 34.7 million of outstanding receivables from Egyptian concessions were collected. Capital expenditure in the segment was EUR 49.7 million, a 29% increase versus H1 2025. INA signed to acquire a 60% stake in SAVA‑07, bringing its position in that onshore area to 100%.
Refining, Marketing & Retail
CCS EBITDA for the segment was EUR 111 million, up 74% year‑on‑year driven by a favourable refining pricing environment. Rijeka Refinery had a planned catalyst change in Q1 2026. Consumer Services and Retail sales volumes fell 1% versus H1 2025 amid demand changes and the reintroduction of maximum retail price regulation in early March.
Investments & projects
Total capex reached EUR 148 million, mainly for the finalisation of the Rijeka Refinery Upgrade and offshore field developments. The Rijeka project achieved systems mechanical completion; commissioning of the new Delayed Coker Unit is progressing as planned. INA is advancing a commercial green hydrogen facility at Rijeka: the photovoltaic plant reached mechanical completion in early July and electrolyser installation is ongoing.
Source: INA