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 performance improvement program that exceeded targets and delivered EUR 376 million in run-rate savings one year ahead of schedule.

• Focus remains on strengthening the foundation, maximizing asset utilization, and leveraging regulatory tailwinds for renewables, with improved safety performance and further progress targeted.

Financial highlights

• Comparable EBITDA for 2025 reached EUR 1.683 billion, up from EUR 1.252 billion 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 for 2025 was EUR 759 million, with Q4/2025 free cash flow at EUR 809 million.

• Leverage (net debt to capital) at 34.3% at end of Q4/2025, within the target of <40%.

• Dividend proposed at EUR 0.20 per share, unchanged from last year.

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 for 2026 guided at EUR 1–1.2 billion, with continued high investment due to Rotterdam expansion and Porvoo turnaround.

• Performance improvement program to continue in 2026, targeting a EUR 350 million EBITDA run rate improvement by end of 2026, with further upside possible in refinery operations.