Neste reports strong results and upgrades Rotterdam capex to €3.0bn
- Group comparable EBITDA was €1,555m in Q3 and €3,619m for Jan–Sep 2026.
- Renewable Products comparable sales margin was USD 1,068/ton in Q3, with a record quarterly sales volume of 1.29 million tonnes.
- Rotterdam refinery expansion capex is now estimated at ~€3.0bn (previously €2.5bn); start‑up expected by end‑2027.
- Leverage ratio was 22.6% at end‑September and the Board approved a dividend policy targeting annual payouts of 20–40% of EPS.
Quarter and year‑to‑date results
Neste reported Q3 revenue of €6,551m and comparable EBITDA of €1,555m; Jan–Sep revenue was €17,701m and comparable EBITDA €3,619m. Q3 profit before taxes was €1,274m and net profit €1,037m; Jan–Sep net profit was €2,335m and EPS €3.04.
Renewable Products
Renewable Products delivered a record quarterly sales volume of 1.29 million tonnes and Q3 comparable EBITDA of €1,011m. The comparable sales margin was USD 1,068/ton and production network utilisation reached 97% in the quarter. Planned maintenance in Rotterdam and Singapore was noted as part of reliability investments.
Oil Products and operations
Oil Products’ Q3 comparable EBITDA was €504m, supported by a total refining margin of USD 48.2/bbl and exceptionally wide middle‑distillate cracks. Porvoo ran an eight‑week turnaround (utilisation 51%), mitigated by inventory management to maintain supply.
Capital, cash flow and outlook
Group cash flow before financing activities was €1,328m for Jan–Sep. Full‑year 2026 cash‑out capex excluding M&A is estimated at ~€1.2bn. The Rotterdam expansion capex is revised to ~€3.0bn with start‑up expected by end‑2027. Guidance: Renewable volumes roughly in line with 2025; Oil volumes lower due to planned turnarounds.
Source: Neste