Slide 1: Neste delivers all-time high quarterly results
1 Place and crop your Neste delivers all-time high image here quarterly results Heikki Malinen, President & CEO Eeva Sipilä, CFO 24 July 2026
Slide 2: Agenda
2 Agenda 1. Q2 summary President & CEO Heikki Malinen 2. Financial performance CFO Eeva Sipilä 3. Topicals and outlook President & CEO Heikki Malinen 4. Q&A
Slide 3: Disclaimer
3 Disclaimer The following information contains, or may be deemed to contain, “forward-looking statements”. These statements relate to future events or our future financial performance, including, but not limited to, strategic plans, potential growth, planned operational changes, expected capital ex
Slide 4: Q2 summary
4 Q2 summary
Slide 5: Q2/2026 in brief
5 Q2/2026 in brief 1. All-time high quarterly results 2. Exceptional market environment due to Middle East conflict 3. Favorable regulatory decisions support demand for renewables 4. Strengthened financial position - deleveraging 5. Progressing strategic investment project in Rotterdam
Slide 6: More focus on safety
6 More focus on safety Total Recordable Incident Frequency Process Safety Event Rate (PSER)2, per (TRIF)1, per million hours worked million hours worked 12 mth average Q result 12 mth average Q result 2021 2022 2023 2024 2025 Q1 26 Q2 26 2021 2022 2023 2024 2025 Q1 26 Q2 26 1) Including new organiza
Slide 7: Q2/2026 in figures
7 Q2/2026 in figures Renewable Comparable sales Total refining Products sales margin in Renewable margin in Oil volume Products Products 1,026 kt 1,223 USD/ton 25.8 USD/bbl (874) (856) (23.0) Group comparable Free cash Leverage within EBITDA flow target level 1,203 MEUR 164 MEUR 29.9% (861) (286) (3
Slide 8: Financial performance
4 i ‘ NX Financial performance. NESTE
Slide 9: RD reference gross margin remains strong due to elevated market prices
9 RD reference gross margin remains strong due to elevated market prices Renewable diesel reference gross margin1, USD/ton Revenue - Feedstock cost = Gross margin - Production & logistics costs = Sales margin Q2/26 avg. 1,037 USD/ton Q1/26 avg. 843 USD/ton Q4/25 avg. 678 USD/ton Q3 24 Q4 24 Q1 25 Q2
Slide 10: Group Comparable EBITDA reached all-time high
10 Group Comparable EBITDA reached all-time high 1,203 MEUR Group Comp. EBITDA, by segment, Q2/26, • Renewable Products: Record high sales EUR million margin and sustained demand • Oil Products: Exceptionally wide diesel crack and solid production • Marketing & Services: Lower volumes and tighter un
Slide 11: Performance improvement program delivering 594 MEUR run-rate improvement so far
Performance improvement program delivering 594 MEUR run-rate improvement so far In-quarter (Q2/2026) impact split: 60% from cost reduction • Terminal network optimization and logistics efficiency • Procurement renegotiations • Production costs optimization in energy & utilities 40% from revenue and
Slide 12: Renewable Products: Strong premiums
12 Renewable Products: Strong premiums Sales volume, kt and comparable sales margin, Comparable EBITDA Q2/26 vs. Q1/26, EUR million USD/ton RD 854 (784) kt SAF 145 (69) kt Share of RD & SAF Europe/NA 73/27 (77/23)% Diesel price 1,153 (887) USD/t RIN D4 price 212 (144) USC/RIN Higher sales price prem
Slide 13: Oil Products: Exceptionally high middle distillate margins
13 Oil Products: Exceptionally high middle distillate margins Total refining margin, USD/bbl and utilization rate, % Comparable EBITDA Q2/26 vs. Q1/26, EUR million Total refining margin 25.8 (23.0) USD/bbl Utilization rate 90 (86) % Gasoline crack 26.5 (13.3) USD/bbl Diesel crack 51.1 (37.3) USD/bbl
Slide 14: Marketing & Services: Decreased market demand impacted sales
14 Marketing & Services: Decreased market demand impacted sales volume, unit margins negatively impacted by inventory loss Comparable EBITDA, EUR million and Comparable EBITDA Q2/26 vs. Q1/26, EUR million sales volume1, million liters 1 Diesel & gasoline station sales, heating oil sales
Slide 15: Cash flow supported by strong financial results
15 Cash flow supported by strong financial results Cash-out investments (incl. M&A), EUR million Cash flow before financing activities, EUR million
Slide 16: We are on track for deleveraging the balance sheet
16 We are on track for deleveraging the balance sheet Leverage, net debt to capital, % Financial targets 2025-2026 Target <40% EBITDA EUR 350 million run rate improvement by the end of 2026, of which EUR 250 million from operational costs Leverage < 40% Note: EBITDA improvement vs. 2024 baseline, in
Slide 17: Topicals and outlook
17 Topicals and outlook
Slide 18: RD/SAF demand outlook strengthening due to geopolitical situation and regulatory tailwinds
18 RD/SAF demand outlook strengthening due to geopolitical situation and regulatory tailwinds EU: Progressing RED III US: record high RVO APAC: new developments implementation ● Germany and the Netherlands ● Finalized biomass-based diesel ● Australia: discussion on are regulatory anchors of the Rene
Slide 19: RD and SAF strengthening demand outlook
19 RD and SAF strengthening demand outlook - Neste can flexibly supply both markets RD global demand outlook (mt) 2026 - 2030 SAF global demand outlook (mt) 2026 - 2030 CAGR* >10% CAGR* >35% RD demand outlook: from ~19 mt in 2026 to beyond 30 mt by SAF demand outlook: from ~2 mt in 2026 and could re
Slide 20: Rotterdam renewable fuels refinery
Rotterdam: the world’s largest renewable 20 fuels refinery with 2.7 Mt/a capacity Increases Neste’s renewables capacity by nearly 24%
Slide 21: Strategic priorities remain unchanged while navigating volatile markets
21 Strategic priorities remain unchanged while navigating volatile markets Opportunities ● Increased focus on energy security and therefore also on renewables ● Positive implications of US Renewable Volume Obligation (RVO) ● Continued strength in middle distillates due to reduced supply Uncertaintie
Slide 22: Outlook 2026
22 Outlook 2026 Renewable Products' sales volumes in 2026 are expected to be approximately at the same level as in 2025. Guidance Oil Products' sales volumes in 2026 are expected to be lower than in 2025 due to the planned maintenance turnaround. The Group's full-year 2026 cash-out capital expenditu
Slide 23: Summary
23 Summary 1. All-time high quarterly result 2. Financial position strengthened 3. Positive regulatory development 4. Neste well positioned to capture market opportunities
Slide 24: Q&A
24 Q&A
Slide 25: Thank you
25 Thank you
Slide 26: Appendix
26 Appendix
Slide 27: Key market environment drivers in Q2/2026
27 Key market environment drivers in Q2/2026 Change, % vs. Change, % vs. Avg, Q2/26 Q1/26 Q2/25 Crude oil price (USD/bbl) 104.5 +30 +54 Macro drivers1 Diesel price (USD/ton) 1,153 +27 +37 Renewable Used cooking oil (USD/ton) 1,167 +6 +9 feedstock costs2 Animal fat (USD/ton) 1,238 +10 +10 California
Slide 28: Renewable Products: Key market drivers in the US market
28 Renewable Products: Key market drivers in the US market California Low Carbon Fuel Standard, LCFS credit RIN prices, US cent/RIN price, USD/CO₂ ton Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 Q324 24 Q4 Q4 24 24 Q1 25 Q2 25 Q3 25 Q3 25 Q425 Q4 25 Q126 Q1 26 Q22626 Q2 Source: Opis
Slide 29: W&R and vegetable oil price development
29 W&R and vegetable oil price development Selected waste and residue and vegetable oil prices1, Comments USD/ton • Feedstock prices rally in US during Q2, but remained quite stable in other markets. Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 1) Source: AF (EU) - Gebrüder Pöhner, UCO (EU) - Arg
Slide 30: Oil Products: Key product margins
30 Oil Products: Key product margins Product margins (price differential vs. Brent), USD/bbl Comments • Middle distillate margins were on a high level due to Hormuz blockage impacting significantly global product flows, global refinery maintenance season and reduced Russian exports. Q3 24 Q4 24 Q1 2
Slide 31: Group financials Q2/2026
31 Group financials Q2/2026 Comparable EBITDA totaled 1,203 (341) MEUR MEUR Q2/26 Q2/25 Q1/26 2025 Revenue 5,987 4,511 5,163 19,016 Comparable EBITDA 1,203 341 861 1,683 Renewable Products 859 174 433 764 Oil Products 334 135 373 808 Marketing & Services 23 32 48 111 Others (incl. eliminations) -14
Slide 32: Net working capital increased markedly
32 Net working capital increased markedly MEUR Q2/26 Q2/25 Q1/26 2025 EBITDA 1,144 246 903 1,438 Capital gains/losses 0 0 0 -3 Other adjustments 25 54 62 139 Change in net working capital -842 185 -94 364 Finance cost, net -45 -49 -90 -180 Income taxes paid -26 0 -43 -11 Net cash generated from oper
Slide 33: Renewable Products' comparable EBITDA calculation
33 Renewable Products’ comparable EBITDA calculation Q1/25 Q2/25 Q3/25 Q4/25 2025 Q1/26 Q2/26 Total RP sales volume kton1 892 1,096 1,046 1,101 4,134 874 1,026 Comparable sales margin USD/ton 310 361 480 479 411 856 1,223 Comparable sales margin MEUR 263 348 429 453 1,493 641 1,079 Fixed costs MEUR
Slide 34: Oil Products' refinery production costs
34 Oil Products’ refinery production costs Q1/25 Q2/25 Q3/25 Q4/25 2025 Q1/26 Q2/26 Refined products million bbls 21.6 22.1 23.0 22.3 89.0 21.3 21.6 Exchange rate EUR/USD 1.05 1.13 1.17 1.16 1.13 1.17 1.16 MEUR 79.4 62.6 68.3 64.9 275.2 67.6 61.8 Utilities costs USD/bbl 3.9 3.2 3.5 3.4 3.5 3.7 3.3 M
Slide 35: Liquidity and maturity profile, 30 June 2026
35 Liquidity and maturity profile, 30 June 2026 Maturity profile, MEUR Short-term Long-term • Group’s liquidity EUR 3,285 million – Liquid funds EUR 1,085 million – Unused committed credit facilities EUR 2,200 million • Average interest rate for interest-bearing liabilities was 3.9% and maturity 3.5