Revenue distribution by sectors:

1. Refinery and Marketing: approx. 55%
2. Exploration and Production: approx. 30%
3. Retail: approx. 15%

TOP 3 markets and their percentage shares:

1. Croatia: approx. 60%
2. Hungary: approx. 20%
3. Bosnia and Herzegovina: approx. 10%

INA-Industrija nafte, d.d. generates the majority of its revenues from the refinery and marketing of petroleum products. The Croatian market is the most significant for the company, followed by Hungary and Bosnia and Herzegovina. These markets are crucial for INA's revenue structure and reflect the geographical proximity and historical market presence.

Production sites of INA-Industrija nafte, d.d.:

• Croatia: INA operates several refineries and production facilities, including the refineries in Rijeka and Sisak.
• Hungary: Participation in production sites through collaborations with MOL Group.
• Bosnia and Herzegovina: Participation in the exploration and production of oil and gas.
• Egypt: Participation in exploration projects.

INA-Industrija nafte, d.d. is a leading company in the oil and gas industry in Croatia and has diversified its production activities both domestically and internationally. The refinery in Rijeka is one of the most modern in the region and plays a central role in the production of petroleum products.

In addition, INA is involved in the exploration and production of oil and gas in various international markets to expand its production capacities and ensure supply security.

Revenue Growth: Estimated 5-7% annually (2025)

INA-Industrija nafte, d.d. is pursuing a growth strategy focused on diversifying its sources of energy and expanding its international presence.

The company is increasing its investments in renewable energies to support the transition to a more sustainable energy production. This includes investments in solar and wind energy projects as well as research into new technologies for energy generation.

In addition, INA plans to modernize its refinery capacities and increase efficiency to enhance competitiveness. Expanding into new markets, especially in Southeast Europe, is also a key part of their strategy to promote revenue growth.

These measures are intended not only to secure growth but also to strengthen INA's position as a leading energy company in the region.

Main Imported Raw Materials: Crude Oil, Natural Gas

Main Supplier Countries: Russia, Kazakhstan, Saudi Arabia

INA-Industrija nafte, d.d. mainly imports crude oil and natural gas to supply its refineries and meet the demand in Croatia and the surrounding markets. The main supplier countries are Russia, Kazakhstan, and Saudi Arabia, as these countries have large crude oil reserves and are able to supply the required quantities at competitive prices.

The dependence on these countries is typical for European energy companies that rely on stable and cost-effective sources of raw materials. INA could also benefit from diversifying its sources of supply to minimize geopolitical risks.

Market share in Croatia: approximately 40% (2025, estimated)
Refining capacity: 4.5 million tons annually (2025)
Investments in renewable energies: 300 million euros (2024)

INA-Industrija nafte, d.d. is one of the leading energy providers in Croatia and holds a significant market share of about 40%. This gives the company a strong competitive advantage in the domestic market. The refining capacity of 4.5 million tons annually enables INA to play a significant role in regional oil and gas supply.

In recent years, the company has made substantial investments in renewable energies to prepare for the future energy transition. With 300 million euros invested in renewable projects in 2024, INA demonstrates a commitment to sustainable energy sources, which could strengthen its competitiveness in the long run.

Additionally, INA benefits from a strong brand presence and an extensive distribution network, allowing the company to efficiently respond to market changes and explore new business opportunities.

Institutional Investor Share: approximately 45% (2025, estimated)

Insider Purchases/Sales: No significant transactions reported in the last year (2024)

The institutional investor share in INA-Industrija nafte, d.d. is estimated to be around 45%. This indicates that a significant portion of the shares is held by large investors such as pension funds, investment funds, and other institutional entities.

In 2024, no significant insider purchases or sales were reported, suggesting a stable internal assessment of the company's value. Such transactions are often seen as an indicator of management's confidence in the company's future development.

Market share of INA-Industrija nafte, d.d.: Estimate: approx. 10% (2025)

Main competitors and their market shares:

1. MOL Group: approx. 25%
2. OMV AG: approx. 20%
3. Shell: approx. 15%
4. BP: approx. 12%
5. INA-Industrija nafte, d.d.: approx. 10%
6. Petrol d.d.: approx. 8%
7. Gazprom Neft: approx. 5%
8. Lukoil: approx. 3%
9. TotalEnergies: approx. 2%

Moat of INA-Industrija nafte, d.d.:

INA-Industrija nafte, d.d. has a moderate moat, mainly supported by its strong regional presence and vertical integration in Croatia and the surrounding markets. The company benefits from an established infrastructure and a loyal customer base in the region.

Compared to larger international competitors like MOL Group or OMV AG, which have broader geographic diversification and greater financial resources, INA's moat is less pronounced. These competitors often have access to global markets and more advanced technologies, giving them a competitive advantage.

INA needs to focus on its regional strengths and may need to invest in innovations and efficiency improvements to maintain or expand its market share. Competition in the industry remains intense, and a significant advantage could be achieved through strategic partnerships or investments in renewable energies.

Revenue Growth: 8.5% (2024) Profit Growth: 10.2% (2024) Investments in Renewable Energies: 200 million euros (2024)

INA-Industrija nafte, d.d. recorded a revenue growth of 8.5% and a profit growth of 10.2% in 2024. These growth rates indicate a solid financial performance supported by strong demand and efficient cost control.

Additionally, the company made significant investments amounting to 200 million euros in the field of renewable energies in 2024. This strategic direction could help INA position itself in the long term in a changing energy market and tap into new sources of revenue.

In summary, due to its solid growth and strategic investments in renewable energies, INA-Industrija nafte, d.d. can be considered a potentially good investment. However, investors should also consider general market conditions and the specific risks of the energy sector.

Dividend Yield: 4.5% (2025, estimated)

INA-Industrija nafte, d.d. has regularly paid dividends in the past. The company's dividend policy is aimed at returning a portion of profits to shareholders, which typically indicates a stable financial performance.

The reliability of dividend payments depends on several factors, including the company's financial health, oil and gas prices, and the overall economic situation. Historically, INA has a solid dividend history, suggesting relatively high reliability of payouts.

Analysts expect the company to continue paying dividends in the coming years, provided that no significant negative market changes occur.