EarningsQ2 2026 Earnings Report
DE:NEFA Q2 2026 EPS Results
Actual EPS€0.50
Consensus EPS€0.51
Beat/MissMissed by -€0.01
One Year Ago EPS€0.03
DE:NEFA Q2 2026 Revenue Results
Actual Revenue€6.21B
Expected Revenue€6.42B
Beat/MissMissed by -€205.66M
YoY Revenue Growth+36.15%
Earnings Announcement Details
QuarterQ2 2026
Date07/24/2026
TimeBefore Open
Conference CallFriday, July 24, 2026
DE:NEFA Upcoming Earnings
Neste's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:NEFA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive financial and strategic picture: record Q2 EBITDA, record RFP margins, a strengthened balance sheet with active deleveraging, confirmed credit rating, favorable regulatory developments (RED III and U.S. RVO) and an encouraging long-term demand outlook. These positives were tempered by operational and timing challenges: RP utilization below target (75%), significant working capital and inventory build-up pressuring cash flow, and substantial scheduled turnarounds that will reduce volumes in H2 and require higher near-term CapEx. Management emphasized ongoing reliability upgrades, prudent turnaround execution and a priority on deleveraging and delivering returns before any major new capacity push. Overall, the highlights (record results, regulatory tailwinds, deleveraging and program savings) outweigh the lowlights (operational reliability, working capital strain and turnaround timing risks).Company Guidance
Record Financial Results
Comparable EBITDA reached a record EUR 1.2 billion in Q2, driven primarily by Renewable Products; almost 75% of EBITDA came from Renewable Products.
Exceptional Renewable Feedstock (RFP) Margins
Renewable Products sales margin hit a record level: RFP sales margin reported at about $1,200 per ton (average RP margin in the quarter remained well above $1,000/ton).
Strong Renewable Products Volumes
Renewable Products sold over 1 million tonnes in Q2; volumes were sequentially up vs Q1 (year-over-year slightly down).
Solid Oil Products Performance
Total refining margin for Oil Products was approximately $25.8 per barrel and OP utilization was strong at ~90% in the quarter.
Performance Improvement Program Progress
Program annual run-rate impact reached EUR 594 million at end-June with EUR 145 million realized in-quarter; impact split included ~6% cost reductions and ~40% revenue & margin optimization.
Improved Financial Position and Deleveraging
Company tendered EUR 500 million of notes in the quarter, reducing gross debt and bringing net debt to capital ratio below 30%.
Credit Rating Confirmed
Moody's confirmed Neste's A3 rating with a Stable Outlook, citing strengthened financial position.
Updated CapEx Guidance
Group 2026 cash out capital expenditure (excl. M&A) narrowed and guided to approximately EUR 1.2 billion (upper end of prior range).
Favourable Regulatory Tailwinds
Implementation progress of EU RED III and positive RVO decision in the U.S. were highlighted as very favorable for renewable diesel and SAF demand growth.
Market Demand Outlook
Company estimates global renewable diesel demand currently around 20 million tonnes and forecasts roughly 10% annual growth, potentially exceeding 30 million tonnes per annum over time.
Cash Generation Despite Working Capital Build
Neste generated EUR 164 million cash flow before financing activities in Q2, supported by strong profitability despite inventory and price-driven working capital increases.
Progress on Strategic Projects
Physical work continues on Rotterdam expansion (Rotterdam Line 2) with the EUR 2.5 billion budget still being worked with; management reiterates 2027 start-up target and believes timing aligns with improving demand.
DE:NEFA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed