Neste (NESTE) Q3 2026 earnings summary

Executive summary

• Q3 comparable EBITDA reached EUR 1,555 million, driven by record Renewable Products volumes and exceptionally tight middle-distillate markets.

• Strong cash generation reduced leverage to 22.6% at September-end, below the <40% target.

• Porvoo’s turnaround was completed; Rotterdam’s revised expansion budget is EUR 3.0 billion, with startup expected by end-2027.

Financial highlights

• Q3 revenue was EUR 6,551 million versus EUR 4,534 million; reported EBITDA was EUR 1,581 million versus EUR 447 million, and comparable EBITDA was EUR 1,555 million versus EUR 531 million.

• Q3 operating profit was EUR 1,344 million versus EUR 216 million; net profit was EUR 1,037 million versus EUR 106 million.

• Q3 cash flow before financing activities was EUR 877 million versus negative EUR 50 million; net cash from operating activities was EUR 1,313 million.

• 9M comparable EBITDA was EUR 3,619 million; net profit was EUR 2,335 million and EPS was EUR 3.04.

• 9M cash flow before financing activities was EUR 1,328 million versus negative EUR 49 million; net cash from operating activities was EUR 2,306 million.

Outlook and guidance

• 2026 Renewable Products sales volumes are expected at approximately the 2025 level; Oil Products volumes are expected to be lower due to planned maintenance.

• 2026 cash-out capital expenditure excluding M&A is estimated at EUR 1.2 billion.

• Scheduled H2 turnarounds: Porvoo, eight weeks from August; Rotterdam, eight weeks in Q4; Singapore, 11 weeks from December for one production line.

• Rotterdam technical startup is targeted for end-2027, with commercial ramp-up in early 2028; no Line 2 volumes are expected in 2027.