Neste reports Q3 2026 earnings growth amid high fuel margins
Neste posted a comparable EBITDA of €1.55 billion for Q3 2026, driven by record sales volumes in renewables. The company also raised the cost estimate for its Rotterdam refinery expansion to €3.0 billion.
Neste recorded a comparable EBITDA of €1,555 million for the third quarter of 2026, significantly up from €531 million in the same period last year. For the first nine months of the year, the comparable EBITDA reached €3,619 million. Financial performance was bolstered by record-high sales volumes in the renewable products segment and sustained market tightness in middle distillates, which kept refining margins elevated.
CEO Heikki Malinen attributed the strong results to successful operational management, including the completion of the turnaround at the Porvoo refinery. Renewable products achieved sales of 1.29 million tons with a utilization rate of 97 percent across the production network. The company stated that performance improvement programs contributed €103 million to the quarter's EBITDA.
However, the company faces rising costs for its strategic expansion in Rotterdam. Due to construction productivity challenges, the capital expenditure estimate for the project has been increased to €3.0 billion from the previously cited €2.5 billion. The expansion is now slated to start by the end of 2027. Following a reduction in debt, with the leverage ratio falling to 22.6 percent, the company announced a new dividend policy targeting a payout of 20–40 percent of earnings per share.