Neste Reports Record Quarterly Results for Second Quarter 2026
Neste Oyj announced on July 24, 2026, its strongest-ever quarterly financial results. The company benefited from an exceptional market environment and strengthened regulatory support for renewable products.
HELSINKI – Neste Oyj reported on July 24, 2026, its best-ever quarterly financial results for the period January–June 2026. The company's comparable earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to EUR 1,203 million in the second quarter, compared to EUR 341 million in the same period last year.
CEO Heikki Malinen described the market situation as exceptional, with the conflict in the Middle East impacting global oil and product markets. Simultaneously, the company benefited from favorable regulatory decisions supporting the long-term demand for renewable fuels. Neste successfully captured market potential to deliver strong margins, despite production limitations within its Renewable Products segment.
The comparable EBITDA for Renewable Products reached an all-time high of EUR 859 million. The sales margin was USD 1,223 per ton, with sales volumes exceeding one million tons. The European market was bolstered by improved mandate outlooks and sustained demand for renewable diesel. Germany's new RED III legislation, for instance, is expected to increase annual demand for renewable diesel in Germany by 1.5 million tonnes in 2026.
The comparable EBITDA for Oil Products was EUR 334 million. The refining margin was USD 25.8 per barrel, and the utilization rate at the Porvoo refinery stood at 90%. The company attributed the strong performance to exceptionally wide cracks for middle distillates, a product slate for which the Porvoo refinery is highly optimized. Neste's financial position improved significantly due to the robust results, with the leverage ratio at 29.9% by the end of June, well below the 40% target.