Neste Oyj

Q3 2026 performance: record profitability and utilization (good) - Neste reported record Renewable Products (RP) performance with ~1.3m kilotons total RP sales volume (described as record level); Singapore and Rotterdam ran well despite Porvoo TA26 being completed and oil-side turnaround effects still present. - RP delivered ~EUR 1.0bn EBITDA (called a record amount); group EBITDA > EUR 1.5bn; comparable EBITDA split: RP ~2/3 of EUR 1,555m and Oil Products ~EUR 0.5bn. - Operationally: RP utilization rate reached 97%, attributed to added resources, predictive maintenance focus, and faster response to technical issues—management frames this as evidence of underlying capacity potential when assets are stable.

Renewable margin / feedstock & hedging dynamics (mixed, including a negative surprise) - Renewable diesel reference margin rose early in the quarter, then declined in September; still ended up ~USD 100 higher on average vs Q2. - Hedging was a notable headwind: management quantified negative hedging impact of ~USD 180/ton in Q3 (Eeva), driven by volatility in diesel and feedstock price swings. - Feedstock and market structure: margins impacted by higher feedstock prices and negative hedging; management indicated this negative hedging outcome was “expected” (Q2 had been an outlier with more abrupt soybean price jumps).

Oil Products: turnaround-driven volume drop but very strong refining margin (good) - Oil Products utilization dropped to ~50% due to turnaround since late August, with ~1.5 million tons lost in Q3. - Despite lower volumes, OP refining margin was exceptionally high (~USD 48/bbl), offsetting much of the volume weakness; EBITDA remained strong even with turnaround-related costs.