Neste Corporation, Financial Statements Release, 5 February 2026 at 9 a.m. (EET)
Stronger results towards the end of 2025 - performance improvement work continues
Year 2025 in brief:
- Comparable EBITDA totaled EUR 1,683 (1,252) million
- EBITDA totaled EUR 1,438 (1,005) million
- Renewable Products' sales 4,134 (3,729) kton
- Oil Products' sales 11,868 (10,147) kton
- Cash flow before financing activities totaled EUR 759 (-341) million
- Leverage ratio was 34.3% (36.1%) at the end of December
- Earnings per share: EUR 0.19 (-0.12)
- Board of Directors will propose a dividend of EUR 0.20 (0.20) per share, totaling EUR 154 (154) million
Fourth quarter in brief:
- Comparable EBITDA totaled EUR 601 (168) million
- EBITDA totaled EUR 545 (143) million
- Renewable Products' comparable sales margin was USD 479 (242)/ton
- Oil Products' total refining margin was USD 20.7 (11.8)/bbl
- Cash flow before financing activities was EUR 809 (462) million
Figures in parentheses refer to the corresponding period for 2024, unless otherwise stated.
President and CEO Heikki Malinen:
"I am pleased to say that the year 2025 marked a turning point for Neste, and we succeeded in improving our financial performance. The beginning of the year was challenging for us in many ways amidst depressed oil and renewable products markets. To change course, we decisively initiated a group-wide performance improvement program, including strict capital discipline. During the year, we managed to streamline our operations, improve our cost-competitiveness and strengthen our financial performance. While the program continues in 2026 and we still have a lot to do, our operational efficiency and financial position have significantly improved. At the same time, we are seeing favorable regulatory developments and increasing demand for renewable fuels in Europe.
Group full-year comparable EBITDA reached EUR 1,683 (1,252) million. Our performance improvement program managed to reach EUR 376 million EBITDA run rate improvement in 2025. I am proud of this achievement as we exceeded our target of EUR 350 million EBITDA run rate improvement one year ahead of the original timeline of the end of 2026. I am also pleased that free cash flow was EUR 759 (-341) million driven by improved business performance, tight working capital management and successful execution of the performance improvement program. This decreased our leverage ratio to 34.3% (36.1%), which is well below our financial target of 40%.
In Renewable Products, our full-year comparable sales margin was USD 411 (377)/ton and the segment's comparable EBITDA improved to EUR 764 (514) million. Sales volume in Renewable Products reached 4.1 (3.7) million tons. The renewable diesel market improved towards the end of the year. Thanks to successful commercial operations, Renewable Products posted a comparable EBITDA of EUR 252 (13) million for the fourth quarter, despite significant maintenance activities. Our comparable sales margin was USD 479 (242)/ton for the quarter.
In Oil Products, the full-year total refining margin was USD 14.0 (14.1)/bbl and comparable EBITDA increased to EUR 808 (633) million. In the fourth quarter, comparable EBITDA reached EUR 321 (153) million and the total refining margin averaged USD 20.7 (11.8)/bbl. Average refinery utilization rate of the Porvoo refinery was 90% (88%) in the quarter. I was particularly pleased with this high utilization as it was key to capturing the opportunities offered by the spike in the middle distillate market.
In Marketing & Services, our comparable EBITDA for the full year reached EUR 111 (101) million and EUR 28 (22) million for the fourth quarter thanks to good operational performance.
Our strategic investment project in Rotterdam proceeded throughout 2025 and when completed the expanded refinery will be optimally positioned to support the growing European renewables market. The investment will increase Neste's total renewables annual nameplate production capacity to 6.8 Mt.
I want to warmly thank all Neste employees around the world for their hard work, focus on our strategic priorities and systematic implementation of our performance improvement program in 2025. We are now operationally stronger, strategically more focused, and better prepared to continue leading the growth in renewable fuels. I am extremely proud of our joint achievements and excited about the journey ahead to reach our full potential.
The Board has proposed a dividend payout of 0.20 (0.20) euros per share for the year 2025 to the Annual General Meeting."
The Group's fourth quarter 2025 results
Neste's revenue in the fourth quarter totaled EUR 4,953 (5,568) million. The increase in sales volumes had a positive impact of approximately EUR 0.4 billion on revenue, driven by the increased capacity and demand in Renewable Products. Higher market prices increased revenue EUR 0.1 billion year-over-year. Currency exchange rates as well as lower trading volumes had an approximately EUR -1.2 billion negative impact on the revenue.
The Group's comparable EBITDA improved to EUR 601 (168) million. Renewable Products' comparable EBITDA rose to EUR 252 (13) million, thanks to higher sales volume and margin compared to the fourth quarter of 2024. Oil Products' comparable EBITDA reached EUR 321 (153) million, supported by both improved utilization and higher margin compared to previous year. Marketing & Services' comparable EBITDA was EUR 28 (22) million.
The Group EBITDA was EUR 545 (143) million, despite inventory valuation losses of EUR -69 (inventory valuation gains 63) million, while changes in the fair value of open commodity and currency derivatives were EUR 25 (-83) million. One-off costs related to organizational restructuring, totaling EUR 4 million, were booked in the fourth quarter results. These one-off costs have been eliminated from comparable EBITDA. Financial items include a write-down of a loan receivable of EUR 50 million. Profit before income taxes was EUR 156 (-160) million, and net profit EUR 114 (-135) million. Earnings per share were EUR 0.15 (-0.18).
The Group's full-year 2025 results
Neste's full-year 2025 revenue totaled EUR 19,016 (20,635) million. Lower prices reduced revenue by EUR -1.2 billion. This was compensated by volume increases in both Renewable Products and Oil Products that resulted in EUR 2.0 billion positive impact. Currency exchange rates together with lower Oil Products trading volume and trading price had an approximately EUR -2.4 billion negative impact on revenue.
Group comparable EBITDA was EUR 1,683 (1,252) million. Higher sales volumes and margins supported Renewable Products with comparable EBITDA increasing to EUR 764 (514) million and higher sales margins increased Oil Products' comparable EBITDA to EUR 808 (633) million. Marketing & Services' comparable EBITDA rose to EUR 111 (101) million.
Group EBITDA was EUR 1,438 (1,005) million. Inventory valuation losses were EUR -159 (-359) million and changes in the fair value of open commodity and currency derivatives EUR -42 (84) million. Organizational restructuring related one-off costs booked totaled EUR 37 million. These one-off costs have been eliminated from comparable EBITDA. Profit before income taxes was EUR 199 (-113) million, and net profit was EUR 144 (-95) million. Earnings per share were EUR 0.19 (-0.12).
Outlook
Guidance for 2026
- Renewable Products' sales volumes in 2026 are expected to be approximately at the same level as in 2025.
- Oil Products' sales volumes in 2026 are expected to be lower than in 2025? due to the planned maintenance turnaround.
Additional information
- The Group's full-year 2026 cash-out capital expenditure excluding M&A is estimated to be approximately EUR 1.0-1.2 billion.
Dividend distribution proposal
The parent company's distributable equity as of 31 December 2025 amounted to EUR 3,192 million, and there have been no material changes in the company's financial position since the end of the financial year. The Board of Directors proposes a dividend payout of EUR 0.20 per share based on the approved balance sheet for 2025 to the Annual General Meeting. The dividend shall be paid in one installment to shareholders registered in the shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date for the dividend payment, which shall be 27 March 2026. The Board proposes to the AGM that the dividend would be paid on 7 April 2026.
The proposed dividend EUR 0.20 per share represents a yield of 1.0% (at year-end 2025 share price of EUR 19.41). The total dividend payout in 2026 would amount to approximately EUR 154 million.
Conference call
A conference call in English for investors and analysts will be held on 5 February 2026, at 3 p.m. Finland / 1 p.m. London / 8 a.m. New York. In order to receive the participant dial in numbers and a unique personal PIN, participants are requested to register using this link: https://events.inderes.com/neste/q4-2025/dial-in. The conference call can also be followed as a webcast.
Further information:
Heikki Malinen, President and CEO, tel. +358 10 458 11
Eeva Sipilä, Chief Financial Officer, tel. +358 40 727 6766
Jukka Miettinen, VP, Investor Relations, tel. +358 40 778 8855
Neste in brief
Neste (NESTE, Nasdaq Helsinki) is the world's leading producer of renewable diesel and sustainable aviation fuel (SAF), with production on three continents. The company's renewables production capacity is expected to reach 6.8 million tons annually in 2027. Neste also produces high-quality oil products at its Porvoo refinery in Finland. The company has a network of nearly 1,000 fuel stations with expanding service offering, such as EV charging, in Finland and in the Baltics.
Neste's strategy focuses on growth in renewable fuels, which help its customers to reduce their greenhouse gas emissions. Neste is included in many international indices for its sustainability performance. In 2025, Neste's revenue stood at EUR 19.0 billion. Read more: neste.com
