Neste delivers all-time high half year results

24 Jul Neste delivers all-time high half year results

(Oilandgaspress) 24/07/26, – Neste’s revenue in the first six months totaled EUR 11,150 (9,528) million. Higher end product prices had a positive impact of approximately EUR 3.5 billion. This more than compensated lower volume in Renewable Products and Oil Products that resulted in EUR -0.5 billion negative impact. Currency exchange rates as well as less trading in Oil Products had an approximately EUR -1.4 billion negative impact on the revenue.

Group comparable EBITDA was EUR 2,064 (551) million. Renewable Products’ January-June comparable EBITDA was EUR 1,292 (246) million, impacted by higher sales margins and positive regulatory tailwind that drove demand. Oil Products’ comparable EBITDA was EUR 707 (256) million, driven by exceptionally wide middle distillate cracks margin. Marketing & Services comparable EBITDA was EUR 72 (49) million. Other’s comparable EBITDA was EUR -7 (0) million.

Group EBITDA was EUR 2,047 (446) million, impacted by inventory valuation gains of EUR 54 (losses -67) million and changes in the fair value of open commodity and currency derivatives totaling EUR -67 (-8) million. Profit before income taxes was EUR 1,614 (-108) million, and net profit was EUR 1,298 (loss -76) million. Earnings per share were EUR 1.69 (-0.10).

Second quarter in brief:

● Comparable EBITDA totaled EUR 1,203 (341) million
● EBITDA totaled EUR 1,144 (246) million
● Renewable Products’ comparable sales margin was USD 1,223 (361)/ton
● Oil Products’ total refining margin was USD 25.8 (10.0)/bbl
● Cash flow before financing activities was EUR 164 (226) million

Neste’s revenue in the second quarter totaled EUR 5,987 (4,511) million. Higher end product prices boosted revenue by EUR 2.4 billion year-over-year. Total sales volumes had a negative impact of EUR -0.7 billion, as a result of lower sales volumes of Oil Products due to preparations for the upcoming turnaround. Currency exchange rates as well as lower Oil Products’ trading volumes had an approximately EUR -0.2 billion negative impact on the revenue.

Group comparable EBITDA increased to EUR 1,203 (341) million. Renewable Products’ comparable EBITDA rose to EUR 859 (174) million, thanks to record high sales margins and elevated diesel prices. Oil Products’ comparable EBITDA reached EUR 334 (135) million, driven by exceptionally wide diesel cracks. Marketing & Services’ comparable EBITDA was EUR 23 (32) million.

Group EBITDA was EUR 1,144 (246) million, impacted by inventory valuation losses of EUR -87 (-111) million, while changes in the fair value of open commodity and currency derivatives were EUR 32 (22) million. Profit before income taxes was EUR 948 (-52) million, and after an effective tax rate of 19%, net profit was EUR 765 (-36) million. Earnings per share were EUR 1.00 (-0.05).

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