Neste's interim report for January–September 2026

Neste Corporation, Interim report, 29 October 2026 at 9 a.m. (EET)

Excellent results driven by strong operational performance and exceptional markets

Third quarter in brief:

● Comparable EBITDA totaled EUR 1,555 (531) million
● EBITDA totaled EUR 1,581 (447) million
● Renewable Products' comparable sales margin was USD 1,068 (480)/ton
● Oil Products' total refining margin was USD 48.2 (15.5)/bbl
● Cash flow before financing activities was EUR 877 (-50) million

January–September in brief:

● Comparable EBITDA totaled EUR 3,619 (1,083) million
● EBITDA totaled EUR 3,627 (893) million
● Cash flow before financing activities was EUR 1,328 (-49) million
● Leverage ratio was 22.6% at the end of September (31.12.2025: 34.3%)
● Earnings per share was EUR 3.04 (0.04)

Figures in parentheses refer to the corresponding period for 2025, unless otherwise stated.

President and CEO Heikki Malinen:

“Neste delivered a very strong third quarter of 2026, and I am particularly pleased with our operational performance at a time when there was a shortage of supply in the market. Our scheduled turnaround at the Porvoo refinery was successfully managed. After this 400 million euro investment, the refinery is operating well and ready for efficient production until 2029. In Renewable Products, we reached a record quarterly sales volume of 1.29 (1.05) million tons, thanks to excellent production volumes. The supply situation in global oil product markets remained tight and kept end product prices high, as the conflict in the Middle East and refinery outages in Russia continued to limit availability of end products, particularly middle distillates. Our solid operations have allowed us to serve our customers reliably in a situation where the availability of fuels has been distressed.

The Group’s comparable EBITDA for the third quarter reached EUR 1,555 (531) million, driven by Renewable Products sales volumes combined with strong renewables sales margins and exceptionally strong middle distillate markets. Our performance improvement program continued its solid delivery, contributing EUR 103 million of EBITDA increase in the quarter, bringing our cumulative run-rate improvement to EUR 697 million against the 2024 baseline and amplifying our strong results.

In Renewable Products, comparable EBITDA was EUR 1,011 (266) million, supported by a record quarterly sales volume of 1.29 (1.05) million tons. Solid production performance across our production network, with utilization at 97% (79%), enabled us to scale output and keep our customers in European and North American markets supplied. The comparable sales margin was USD 1,068 (480)/ton. As previously communicated, we will have planned maintenance shutdowns at Rotterdam and for one of the product lines in Singapore. These maintenance shutdowns include investments in reliability, designed to support sustainably higher operational availability in the coming years.

In Oil Products, comparable EBITDA was EUR 504 (232) million, with a total refining margin of USD 48.2 (15.5)/bbl, driven by exceptionally wide middle distillate cracks. The average Porvoo utilization rate was 51% (91%), reflecting the executed eight-week turnaround at the refinery. We mitigated the impact through inventory management, building stocks ahead of the maintenance and selling from them during the shutdown, which allowed us to keep serving our customers and to benefit from the exceptionally strong market.

In Marketing & Services, comparable EBITDA was EUR 46 (34) million. The improvement was almost entirely due to inventory valuation gains of EUR 14 million, resulting from rising product prices towards the end of the quarter.

Our strategic investment project to expand the Rotterdam refinery is progressing. However, the mechanical construction work has faced challenges related to construction workforce productivity. Active measures to correct the course and interdependencies in this complex project have led to additional costs: capital expenditure of the Rotterdam refinery expansion project is estimated at approximately EUR 3.0 billion, up from the previously communicated EUR 2.5 billion. The expansion start-up is expected by the end of 2027. Now the project continues with the focus on final phases of construction and commissioning.

I am confident that the expansion will deliver value to our stakeholders. Neste is the only producer bringing an asset of this size and scale to the market supported by positive regulatory development, stronger demand for renewables and increased emphasis on energy security. Once the investment is complete, the Rotterdam refinery will be the world's largest renewable fuels production site, serving especially European needs for renewable diesel and sustainable aviation fuel.

Strong cash flow generation allowed us to materially reduce leverage, bringing our leverage ratio down to 22.6% at the end of September (38.0%), well within our target of below 40%. This financial strength gives us the flexibility to pursue operational improvements and debottlenecking as well as to broaden our capital allocation. As announced earlier today, Neste’s Board of Directors has approved a new dividend policy targeting an annual payout of 20–40% of earnings per share. While maintaining our focus on deleveraging and renewables growth, this policy reflects our firm confidence in Neste’s through-cycle cash generation and commitment to create long-term shareholder value.

Going forward, we expect the markets to remain volatile. The fuel markets have been exceptionally tight in recent months, increasing especially middle distillate prices globally. Energy security as well as availability and affordability of middle distillates are likely to stay high on the policy agenda around the world. Neste’s Porvoo refinery is optimized for middle distillates and thus plays a crucial role in ensuring security of supply in the Nordics. At the same time, our renewable fuels offer an alternative to fossil products and add to the supply of fuels, while reducing reliance on imports.

Our focus on Renewable Products’ operational performance is beginning to show in our results and our performance improvement program continues to deliver, which I am very pleased about. I would also like to thank the 7,500 employees and contractors who participated in the well-planned and executed Porvoo turnaround. I also wish our employees and contractors in Singapore and Rotterdam safe maintenance shutdowns.”

The Group's third quarter 2026 results

Neste's revenue in the third quarter totaled EUR 6,551 (4,534) million. Higher end product prices boosted revenue by EUR 2.9 billion year-over-year. Total sales volumes had a negative impact of EUR -0.9 billion, as the turnaround lowered sales volumes in Oil Products.

Group comparable EBITDA increased to EUR 1,555 (531) million. Renewable Products' comparable EBITDA rose to EUR 1,011 (266) million, thanks to record high quarterly sales volume, high sales margins and elevated diesel prices. Oil Products' comparable EBITDA reached EUR 504 (232) million, despite the turnaround, driven by exceptionally wide diesel cracks. Marketing & Services’ comparable EBITDA was EUR 46 (34) million, supported by significant inventory profit.

Group EBITDA was EUR 1,581 (447) million, impacted by inventory valuation gains of EUR 187 (losses -23) million, while changes in the fair value of open commodity and currency derivatives were EUR -159 (-58) million. Profit before income taxes was EUR 1,274 (152) million, and after an effective tax rate of 19%, net profit was EUR 1,037 (106) million. Earnings per share were EUR 1.35 (0.14).

The Group's January–September 2026 results

Neste's revenue in the first nine months totaled EUR 17,701 (14,062) million. Higher end product prices had a positive impact of approximately EUR 6.3 billion. Due to the turnaround in Porvoo refinery, Oil Products’ volumes were lower, which resulted in EUR 1.9 billion negative impact. Currency exchange rates had an approximately EUR -0.4 billion negative impact on the revenue.

Group comparable EBITDA was EUR 3,619 (1,083) million. Renewable Products' January-September comparable EBITDA was EUR 2,304 (512) million, impacted by higher sales margins, positive regulatory tailwind that drove demand and strong production performance towards the end of the period. Oil Products' comparable EBITDA was EUR 1,211 (487) million, driven by exceptionally wide middle distillate cracks. High margins outweighed the lost production due to the turnaround. Marketing & Services comparable EBITDA was EUR 117 (83) million.

Group EBITDA was EUR 3,627 (893) million, impacted by inventory valuation gains of EUR 241 (losses -90) million and changes in the fair value of open commodity and currency derivatives totaling EUR -226 (-66) million. Profit before income taxes was EUR 2,888 (44) million, and net profit was EUR 2,335 (30) million. Earnings per share were EUR 3.04 (0.04).

Outlook

Guidance for 2026

• Renewable Products' sales volumes in 2026 are approximately at the same level as in 2025.
• Oil Products' sales volumes in 2026 are expected to be lower than in 2025​ due to the planned maintenance turnaround.

Additional information

• The Group's full-year 2026 cash-out capital expenditure excluding M&A is estimated to be approximately EUR 1.2 billion.
• There are three scheduled maintenance turnarounds in H2 2026, with the following approximate durations: 
  • Porvoo: 8 weeks starting in August 2026
  • Rotterdam: 8 weeks during Q4 2026
  • Singapore: 11 weeks starting in December 2026 for one of the production lines.

Conference call

A conference call in English for investors and analysts will be held on 29 October 2026, at 3 p.m. Finland / 1 p.m. London / 8 a.m. New York. In order to receive the participant dial in numbers and a unique personal PIN, participants are requested to register using this link: https://events.inderes.com/neste/q3-2026/dial-in. The conference call can also be followed as a webcast.

Further information:

Heikki Malinen, President and CEO, tel. +358 10 458 11
Eeva Sipilä, Chief Financial Officer, tel. +358 40 727 6766
Jukka Miettinen, VP, Investor Relations, tel. +358 40 778 8855

Neste in brief

Neste (NESTE, Nasdaq Helsinki) is the world's leading producer of renewable diesel and sustainable aviation fuel (SAF), with production on three continents. Neste’s strategy focuses on growth in renewable fuels. The company’s renewables production capacity is expected to reach 6.8 million tons annually in 2027. Neste also produces high-quality oil products at its Porvoo refinery in Finland. The company has a network of nearly 1,000 fuel stations with expanding service offering, such as EV charging, in Finland and in the Baltics. Neste is included in many international indices for its sustainability performance. In 2025, Neste's revenue stood at EUR 19.0 billion. Read more: neste.com