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Neste (NESTE) investor relations material

Neste Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Achieved a strong financial turnaround in 2025, with all business segments improving performance year-over-year, driven by a performance improvement program that exceeded targets and delivered EUR 376 million in run-rate savings one year ahead of schedule.

  • Focus remains on strengthening the foundation, maximizing asset utilization, and leveraging regulatory tailwinds for renewables, with improved safety performance and further progress targeted.

Financial highlights

  • Comparable EBITDA for 2025 reached EUR 1.683 billion, up from EUR 1.252 billion in 2024; Q4 2025 EBITDA was EUR 601 million.

  • Revenue for 2025 was EUR 19,016 million, down from EUR 20,635 million in 2024; Q4/2025 revenue was EUR 4,953 million.

  • Free cash flow for 2025 was EUR 759 million, with Q4/2025 free cash flow at EUR 809 million.

  • Leverage (net debt to capital) at 34.3% at end of Q4/2025, within the target of <40%.

  • Dividend proposed at EUR 0.20 per share, unchanged from last year.

Outlook and guidance

  • Renewable product sales volumes in 2026 expected to be flat year-over-year; oil product volumes to decline due to planned Porvoo refinery maintenance.

  • CapEx for 2026 guided at EUR 1–1.2 billion, with continued high investment due to Rotterdam expansion and Porvoo turnaround.

  • Performance improvement program to continue in 2026, targeting a EUR 350 million EBITDA run rate improvement by end of 2026, with further upside possible in refinery operations.

What is the 2026 outlook for performance program benefits?
How does US regulatory uncertainty affect margins?
Rationale for revised Scope 1&2 climate target
PIP 2026: What specific areas drive further upside?
Debottlenecking impact on RP utilization?
Optimize SAF vs RD production in 2026?
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Frequently asked questions

Neste Oyj is a global provider of renewable and oil products, serving customers in transportation, business, industry and households with their strong sales and service-grounded expertise. Neste's product portfolio consists of renewable diesel fuels such as Neste Lean Diesel (biomethanol/olefin) and Neste PurFiner A2 (rapeseed oil), diesel powertrains based on Neste Renewable Diesel fuels, biodiesel FAME and lube oils for different application needs. Neste Oyj was founded in 1948 and is headquartered in Espoo, Finland.

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