Neste (NESTE) SEB Nordic Large Cap Seminar presentation summary

Financial performance highlights

• Achieved all-time high quarterly results with group comparable EBITDA reaching 1,203 MEUR in Q2 2026, up from 861 MEUR in the previous quarter.

• Renewable Products segment posted record high sales margin and sustained demand, while Oil Products benefited from exceptionally wide diesel crack and solid production.

• Marketing & Services experienced lower volumes and tighter unit margins, with negative inventory effects.

• Free cash flow was 164 MEUR, down from 286 MEUR in the previous quarter.

• Leverage improved to 29.9%, within the target level.

Market environment and regulatory support

• Exceptional market environment driven by Middle East conflict contributed to favorable conditions.

• Regulatory decisions supported increased demand for renewables.

• Renewable diesel reference gross margin remained strong, averaging 1,037 USD/ton in Q2 2026.

Strategic initiatives and outlook

• Progress made on strategic investment project in Rotterdam.

• Renewable diesel (RD) global demand projected to grow from ~19 mt in 2026 to over 30 mt by 2030, with a CAGR above 10%.

• Sustainable aviation fuel (SAF) demand expected to rise from ~2 mt in 2026 to ~7 mt by 2030, with a CAGR above 35%.

• Flexible supply capabilities position the company to serve both RD and SAF markets.