- Comparable EBITDA for 2025 was EUR 1,683 million, up from EUR 1,252 million in 2024.
- Renewable Products' sales reached 4.1 million tons, with a comparable sales margin of USD 411/ton.
- Oil Products' total refining margin was USD 14.0/bbl, with sales of 11,868 kton.
- 2026 capital expenditure is estimated at EUR 1.0-1.2 billion, excluding M&A.
Financial Performance
Neste reported a strong financial performance in 2025, with a comparable EBITDA of EUR 1,683 million, up from EUR 1,252 million in 2024. The company's EBITDA totaled EUR 1,438 million, an increase from EUR 1,005 million the previous year. Cash flow before financing activities improved significantly to EUR 759 million, compared to a negative EUR 341 million in 2024.
Segment Highlights
Renewable Products' sales reached 4.1 million tons, with a comparable sales margin of USD 411 per ton. The segment's comparable EBITDA improved to EUR 764 million from EUR 514 million. Oil Products' sales were 11,868 kton, with a total refining margin of USD 14.0 per barrel. The segment's comparable EBITDA increased to EUR 808 million from EUR 633 million.
Fourth Quarter Results
In the fourth quarter, Neste's revenue was EUR 4,953 million. The company's comparable EBITDA for the quarter was EUR 601 million, with Renewable Products contributing EUR 252 million and Oil Products EUR 321 million. Marketing & Services' comparable EBITDA was EUR 28 million.
Outlook and Investments
For 2026, Renewable Products' sales volumes are expected to remain stable, while Oil Products' sales volumes are anticipated to decrease due to planned maintenance. The company's capital expenditure for 2026, excluding M&A, is estimated at EUR 1.0-1.2 billion. Neste's strategic investment project in Rotterdam is progressing, aiming to increase renewables production capacity to 6.8 million tons annually by 2027.
