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Neste (NESTE) investor relations material
Neste Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 results showed strong momentum, with comparable EBITDA at EUR 531 million, driven by performance improvement actions, record SAF sales, and a recovering market environment.
The Performance Improvement Programme delivered a EUR 229 million annualized run rate improvement by end of Q3, ahead of schedule.
Regulatory developments and market opportunities, especially in Europe, are supporting growth.
Safety metrics improved, with a new five-year roadmap for process safety and a Platinum EcoVadis Medal for sustainability.
Strategic focus remains on the Rotterdam refinery expansion and disciplined capital allocation.
Financial highlights
Comparable EBITDA for Q3 was EUR 531 million, with EUR 266 million from renewable products, EUR 232 million from oil products, and EUR 34 million from marketing and services.
Q3 revenue was EUR 4,534 million, down from EUR 5,624 million year-over-year, mainly due to lower market prices and currency impacts.
Net profit for Q3 was EUR 106 million, with EPS at EUR 0.14.
Cash flow before financing activities was minus EUR 50 million, mainly due to inventory build-up ahead of maintenance.
CapEx guidance for the year was revised down to around EUR 1 billion, with Rotterdam as the main driver for 2024 spend.
Outlook and guidance
Renewable and Oil Products sales volumes in 2025 are expected to be higher than in 2024.
Major maintenance turnarounds are scheduled for Q4 2025 in Rotterdam and late 2025 in Singapore, impacting Q4 margins.
Group's comparable total fixed costs in 2025 expected to be below 2024 level, excluding one-off costs.
Full-year 2025 cash-out capex (excluding M&A) estimated at approximately EUR 1.0 billion.
Guidance remains unchanged, with continued focus on operational improvements and regulatory opportunities.
US regulatory uncertainty impact on Renewable Products?
Update on performance improvement program's 2026 target
Given negative Q3 cash flow, how is Rotterdam project funded?
Quantify Germany's RED III demand upside
Detail Porvoo crude slate diversification
Q4 maintenance impact on RP margins
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Q4 20255 Feb, 2026
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Frequently asked questions
Neste Oyj is a global provider of renewable and oil products, serving customers in transportation, business, industry and households with their strong sales and service-grounded expertise. Neste's product portfolio consists of renewable diesel fuels such as Neste Lean Diesel (biomethanol/olefin) and Neste PurFiner A2 (rapeseed oil), diesel powertrains based on Neste Renewable Diesel fuels, biodiesel FAME and lube oils for different application needs. Neste Oyj was founded in 1948 and is headquartered in Espoo, Finland.
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