Neste (NESTE) Q4 2025 earnings summary

Executive summary

• Achieved a strong financial turnaround in 2025, with all business segments improving performance year-over-year, driven by a group-wide performance improvement program and strict capital discipline.

• Performance improvement program exceeded targets, delivering EUR 376 million in run-rate savings one year ahead of schedule.

• Focus remains on asset utilization, operational efficiency, and leveraging regulatory tailwinds for renewables.

• Regulatory tailwinds in Europe, the US, and Asia support growth, with mandates and market opportunities expanding.

• Capital discipline and preparation for major projects like the Rotterdam expansion in 2027 continue.

Financial highlights

• Comparable EBITDA for 2025 reached EUR 1,683 million, up from EUR 1,252 million in 2024; Q4 2025 EBITDA was EUR 601 million.

• Revenue for 2025 was EUR 19,016 million, down from EUR 20,635 million in 2024; Q4/2025 revenue was EUR 4,953 million.

• Free cash flow in Q4/2025 was EUR 809 million, a significant improvement from -50 million in the previous quarter.

• Earnings per share for 2025 was EUR 0.19, compared to EUR -0.12 in 2024.

• Dividend proposed to remain at EUR 0.20 per share.

Outlook and guidance

• Renewable product sales volumes in 2026 expected to be flat year-over-year; oil product volumes to decline due to planned Porvoo refinery maintenance.

• CapEx guidance for 2026 is EUR 1–1.2 billion, reflecting continued investment in Rotterdam and Porvoo turnaround.

• No new public targets for the performance improvement program in 2026, but ongoing quarterly reporting.

• Performance improvement program continues in 2026, targeting a EUR 350 million EBITDA run rate improvement by end of 2026.