- Comparable EBITDA for Q3 2025 was EUR 531 million, up from EUR 293 million in 2024.
- Cash flow before financing activities was EUR -50 million in Q3 2025.
- Neste's strategic growth project in Rotterdam is set to complete in 2027.
- Scheduled maintenance turnarounds in Rotterdam and Singapore are planned for Q4 2025.
Q3 2025 Financial Performance
Neste reported a comparable EBITDA of EUR 531 million for Q3 2025, a significant increase from EUR 293 million in the same period of 2024. The total EBITDA was EUR 447 million, impacted by inventory valuation losses and changes in the fair value of open commodity and currency derivatives. Cash flow before financing activities was negative at EUR -50 million.
Renewable and Oil Products
Renewable Products' comparable sales margin rose to USD 480 per ton, with sales volumes increasing to 1,046 thousand tons. Sustainable Aviation Fuel (SAF) sales reached a record 251 thousand tons. Oil Products achieved a refining margin of USD 15.5 per barrel, with sales volumes at 3,057 thousand tons.
Strategic Projects and Investments
Neste's strategic growth project in Rotterdam is progressing, with completion expected in 2027. The project aims to establish the world's largest facility for producing renewable diesel and SAF. Cash-out investments for January–September 2025 were EUR 679 million, with a leverage ratio of 38.0% at the end of September.
Market Outlook and Guidance
The market for renewable fuels is expected to remain oversupplied in 2025. Neste anticipates higher sales volumes for both Renewable and Oil Products compared to 2024. Two scheduled maintenance turnarounds are planned for Q4 2025 in Rotterdam and Singapore, with no turnarounds in Porvoo.
