Neste (NESTE) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly results in Q2 2026, with all-time high comparable EBITDA and strong margins, driven by exceptional market conditions and regulatory support for renewables.

• Strengthened financial position through deleveraging, robust operational performance, and improved safety metrics.

• Advanced strategic investments in Rotterdam, increasing renewables capacity by nearly 24%, and prioritized renewables expansion and cost competitiveness.

• Regulatory developments in Europe (RED III) and the U.S. (RVO) provide strong tailwinds for renewable diesel demand.

• Middle East conflict and regulatory changes boosted demand and margins for renewable and oil products.

Financial highlights

• Q2 2026 comparable EBITDA reached a record EUR 1,203 million, with nearly 75% from Renewable Products.

• Q2 2026 revenue was EUR 5,987 million, up from EUR 5,163 million in Q1 2026.

• Earnings per share rose to EUR 1.00 in Q2 2026; net profit for H1 2026 was EUR 1,298 million.

• Leverage ratio improved to 29.9%, and net debt to capital fell below 30% after a successful EUR 500 million note tender.

• Free cash flow for H1 2026 was EUR 450 million.

Outlook and guidance

• Renewable Product sales volumes in 2026 expected to be similar to 2025; Oil Product sales volumes to decrease due to planned maintenance.

• Full-year 2026 CapEx (excluding M&A) estimated at approximately EUR 1.2 billion.

• Three major maintenance turnarounds scheduled for H2 2026 in Porvoo, Rotterdam, and Singapore.

• Regulatory decisions in Europe and the U.S. support robust demand growth for renewables; Asia-Pacific showing gradual progress.