INA reports strong first half driven by oil, gas production and refinery modernization

INA, Croatia's leading energy company, has posted robust financial results for the first half of 2026, navigating global market uncertainties through strategic investments. The company's performance was bolstered by increased domestic oil and gas production, significant upgrades to the Rijeka Oil Refinery, and the successful expansion of its Fresh Corner retail concept.

The exploration and production division was a key driver of INA's success, achieving an operating profit of 172 million euros, a 16% increase year-on-year. This growth stems from a 3% rise in daily oil production and a 5% increase in daily gas production across its operations in Croatia and Egypt. Investments in well maintenance, new well completions in Lipovljani, and the integration of two new gas wells in the North Adriatic have contributed to this output increase. Exploration efforts are also expanding, with plans for five new gas wells in the Adriatic and seismic surveys for six exploratory wells in the SAVA-10/1 and Drava-02/02 areas.

INA's refining and marketing segment also demonstrated resilience, generating an operating profit of 111 million euros despite fuel price caps and challenging market conditions. Higher refining margins and consistent high utilization rates at the Rijeka refinery, crucial for supplying Croatia, Slovenia, and Bosnia and Herzegovina, supported this performance. The non-fuel retail margin increased by 11%, attributed to product assortment expansion and the growth of Fresh Corner locations, which now boast nearly half a million loyalty program members.

Overall, INA invested 148 million euros in its operations during the first half of the year, with a substantial portion allocated to the Rijeka refinery modernization project. This strategic investment underscores INA's commitment to enhancing its operational efficiency and maintaining its critical role in regional energy supply, even amidst a dynamic global energy landscape.