- 2026 cash-out capital expenditure excluding M&A is estimated at EUR 1.0–1.2 billion.
- Oil Products' 2026 sales volumes are expected to be lower due to a planned maintenance turnaround at Porvoo, which averaged 86% utilization in Q1.
- Renewable Products' Q1 comparable sales margin was USD 856/ton and volumes were 874 thousand tonnes, reduced by maintenance and a delayed equipment replacement in Singapore.
- The US finalized Renewable Fuel Standards with record-high renewable volume obligations, increasing demand for biofuels and benefiting US producers.
Financial performance
Neste reported Q1 revenue EUR 5,163m and comparable EBITDA EUR 861m (EBITDA EUR 903m); inventory valuation gains EUR 141m offset by fair-value losses on derivatives EUR -99m. Profit before taxes EUR 666m, net profit EUR 533m, EPS EUR 0.69. Cash flow before financing activities EUR 286m; leverage ratio 31.7%.
Operational metrics
Renewable Products comparable EBITDA EUR 433m, sales margin USD 856/t, volumes 874 kt reduced by maintenance and a delayed equipment replacement in Singapore; Oil Products comparable EBITDA EUR 373m, total refining margin USD 23.0/bbl, Porvoo average utilization 86%; Marketing & Services comparable EBITDA EUR 48m, including EUR 18m inventory profit.
Market and supply-chain context
The Middle East conflict and temporary closure of the Strait of Hormuz caused extreme crude and product price volatility; Neste reports no direct disruption to production or deliveries as crude sourcing is mainly North Sea and renewable feedstock is diversified, but the situation is being monitored. The US finalized Renewable Fuel Standards with record-high renewable volume obligations, strengthening demand for biofuels.
Outlook and capital
Guidance: Renewable Products volumes in 2026 roughly in line with 2025 while Oil Products volumes are expected to be lower due to a planned maintenance turnaround at Porvoo; full-year cash-out capital expenditure excluding M&A is estimated at EUR 1.0–1.2bn. The Rotterdam strategic investment project is proceeding as planned; ongoing performance-improvement measures delivered EUR 100m EBITDA in Q1 with a cumulative run-rate improvement of EUR 476m.
