Neste Q2 2026: record renewable margins lift EBITDA
- Group comparable EBITDA in Q2 was EUR 1,203 million (Q2 2025: 341).
- Renewable Products sales margin reached USD 1,223/ton and sales volumes exceeded 1 million tonnes in Q2.
- Oil Products total refining margin was USD 25.8/bbl with Porvoo utilization at 90% and a planned 8‑week turnaround starting in August.
- Full‑year 2026 cash‑out capex (excl. M&A) ~EUR 1.2 billion; three scheduled H2 turnarounds — Porvoo (8 weeks, Aug), Rotterdam (8 weeks, Q4) and Singapore (11 weeks, Dec).
Q2 performance
Group comparable EBITDA for the second quarter was EUR 1,203 million, driven by record Renewable Products margins and exceptionally strong middle‑distillate markets. Group EBITDA was EUR 1,144 million after inventory valuation losses of EUR -87 million. Profit before taxes was EUR 948 million and net profit EUR 765 million.
Renewables and oil segments
Renewable Products posted comparable EBITDA of EUR 859 million, supported by a record sales margin of USD 1,223/ton and sales volumes above 1 million tonnes. Oil Products' comparable EBITDA was EUR 334 million with a total refining margin of USD 25.8/bbl and average Porvoo utilization of 90%.
Market drivers and regulation
The company cites the Middle East conflict as a key driver of tight product markets. Improved regulatory outlooks — including Germany's final RED III adoption, which is expected to add roughly 1.5 million tonnes of renewable diesel demand in 2026 — and higher US biofuel mandates with rising RIN prices supported renewable margins.
Cash flow, capex and outlook
Cash flow before financing activities was EUR 164 million in Q2 and EUR 450 million for January–June. Leverage was 29.9% at end‑June. Full‑year 2026 cash‑out capex excluding M&A is estimated at approximately EUR 1.2 billion. Renewable volumes are expected to be broadly stable year‑on‑year; Oil Products volumes are expected to be lower due to the planned H2 maintenance turnarounds.
Source: Neste