Q1 2026 Neste Oyj Earnings Call Transcript
Key Points
- Neste OYJ (NTOIF) managed market volatility well, particularly during the Iran crisis in March.
- The company reported strong financial performance in Q1, with a comparable EBITDA of EUR861 million.
- Renewable product sales margins improved significantly, reaching $856 per ton.
- The performance improvement program is progressing well, achieving a run rate of EUR476 million in annualized EBITDA.
- The Rotterdam line number two investment is on track, with production expected to start in 2027, indicating good timing for future capacity expansion.
- Utilization in the renewable products business was low due to turnarounds and equipment delays, impacting output.
- Safety performance did not meet expectations, with TRIF rates not improving and some process safety incidents.
- The cold winter in the Nordic region and the US negatively impacted safety performance.
- The company faces ongoing geopolitical uncertainties, particularly related to the Iran crisis, which could impact energy markets.
- Higher crude costs are expected to lower refining margins in Q2, following the March spike due to the Middle East conflict.
Good afternoon, everybody, and welcome to discuss Neste's Q1 results that we proposed this morning. My name is Jukka Miettinen, Vice President of Investor Relations at Neste.
Here with me, we have our CEO and President, Heikki Malinen; and our CFO, Eeva Sipila. We are referring to the presentation that was launched on our website early this morning. The key highlights of our presentation include today, our position in the ongoing market volatility, our Q1 financial performance.
We will also cover the status of our performance improvement program and the progress towards our financial targets. We are also discussing our near-term focus areas as well as the current opportunities and uncertainties. We will have time for discussions with all of you, and please pay attention to the disclaimer as we will be making forward-looking statements in this call.
With these remarks, I would like to hand over to our President and CEO, Heikki Malinen. Heikki, please, the floor is yours.
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