INA-Industrija nafte is Croatia's national integrated oil and gas group, spanning a mature domestic upstream (Pannonian onshore and Northern Adriatic offshore, plus minority international positions in Egypt and Angola), the Rijeka refinery, and a ~500-site retail fuel network across Croatia and neighbouring markets. Ownership is dominated by MOL Group (~49%) and the Croatian state (~45%), so free float is very thin and the shares are effectively controlled; the equity is valued less on reserves than on downstream cash flow and the value of the domestic distribution footprint.
FY2025 revenue was roughly $4.3bn with EBITDA near $0.45bn and net income around $0.20bn (EUR ~3.84bn / ~0.18bn, converted ~1.13). The defining event is the ~$0.8bn Rijeka refinery upgrade completed in early 2026 - INA's largest-ever single investment - which is intended to lift complexity and product yields; alongside it, smaller green hydrogen (Rijeka) and biomethane (Sisak) projects add a modest low-carbon tilt. Upstream production of roughly 30 mboe/d is in structural decline, so the investment case rests on downstream margin capture and the payoff from the refinery reinvestment rather than reserve growth. Net debt of ~$0.7bn is moderate and the dividend yields ~3%.
Its EV/EBITDA of 14.6x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 4.5% is lower than the 6.5% median, and at $62.70/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, INA-Industrija nafte scores 28/100, strongest on safety (42/100). Sub-scores: value 20, quality 29, growth 17, risk 58 (higher = riskier).
INA-Industrija nafte holds approximately 0.1 billion boe of proved (1P) reserves with FY2025 production of about 23 thousand boe/d (51% liquids), a reserve life of roughly 11.9 years. Break-even: n/a (integrated (upstream + refining)) — downstream-led Croatian integrated; upstream a minority
For INA-Industrija nafte, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Croatia | 80% | 30 | Eurozone, low risk; modest reserves, environmental permitting. |
| Egypt | 12% | 84 | FX shortages, arrears to IOCs, gas payment delays. |
| Angola | 8% | 76 | High debt, FX/repatriation risk, mature declining fields. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Pannonian Basin fields | Croatia | Oil & Gas | Mature onshore oil/gas, core domestic upstream; long-dated decline, EOR/redevelopment focus |
| Northern Adriatic offshore gas | Croatia | Gas | Offshore gas JV (with Eni historically); declining output, key domestic gas source |
| Egypt concessions | Egypt | Oil | International upstream (e.g. East Yidma/North Bahariya area); oil-weighted |
| Angola blocks | Angola | Oil | Non-operated minority offshore interests; small contribution |
| Rijeka refinery | Croatia | Refining | Core refinery (~90 kbbl/d); ~$0.8bn upgrade completed Mar-2026, INA's largest single investment |
| Retail network (~500 stations) | Croatia | Retail | Fuel + convenience retail across Croatia and neighbouring countries; stable cash generator |
| Sisak industrial/bio site | Croatia | Refining | Former refinery converted to industrial/bioproduct and logistics hub |
| Green H2 (Rijeka) + biomethane (Sisak) | Croatia | Low-carbon | ~$0.1bn low-carbon projects, completion ~2026; modest energy-transition tilt |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 37 | 34 | 32 | 32 | 23 |
| Proved reserves (bnboe) | 0.16 | 0.15 | 0.14 | 0.14 | 0.10 |
| Revenue ($bn) | 3.4 | 5.3 | 4.4 | 4.4 | 4.1 |
| EBITDA ($bn) | 0.6 | 0.8 | 0.7 | 0.5 | 0.4 |
| Net income ($bn) | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 |
| Free cash flow ($bn) | 0.3 | 0.1 | 0.2 | 0.0 | 0.2 |
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✓ FY2025 figures verified against primary sources: