Slide 1: Performance improvement actions and recovering market environment supporting results
1 Performance improvement Place and crop your actions and recovering market image here environment supporting results Heikki Malinen, President & CEO Eeva Sipilä, CFO October 29, 2025 February 13, 2025
Slide 2: Disclaimer
2 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 3: Agenda
3 Agenda 1. Q3 in brief President & CEO Heikki Malinen 2. Financial performance CFO Eeva Sipilä 3. Topicals and outlook President & CEO Heikki Malinen 4. Q&A
Slide 4: Q3 in brief
ce) Q3 in brief 4 NESTE
Slide 5: High focus on safety continues
5 High focus on safety continues Total Recordable Incident Frequency Process Safety Event Rate (PSER)2, per (TRIF)1, per million hours worked million hours worked 1) Including new organizational units in the US, for example Mahoney Environmental from 2023 onwards 2) Process safety performance is rep
Slide 6: Key initiatives progressing
6 Key initiatives progressing Performance Rotterdam capacity Operational improvement expansion achievements program on track progressing deliver 350 MEUR construction work is record high SAF EBITDA run rate at an intensive stage sales volume improvement by end with appr. 2,300 of 2026 workers at the
Slide 7: Q3/2025 performance in brief
7 Q3/2025 performance in brief Renewable Comparable sales Total refining Products sales margin in Renewable margin in Oil volume Products Products 1,046 kt 480 USD/ton 15.5 USD/bbl (1,096) (361) (10.0) Group comparable Free Cash Leverage within EBITDA Flow target level 531 MEUR -50 MEUR 38.0% (341)
Slide 8: Performance improvement program delivered 229 MEUR EBITDA run rate improvement
8 Performance improvement program delivered 229 MEUR EBITDA run rate improvement Program priority areas Target Progress Commercial acceleration and supply chain optimization 350 MEUR run 229 MEUR rate EBITDA annualized run improvement by rate improvement end of 2026 by the end of Q3 Refinery perform
Slide 9: Financial performance
Financial performance nESTE
Slide 10: RD reference gross margin climbed up in Q3
10 RD reference gross margin climbed up in Q3 due to tight short-term market Renewable diesel reference gross margin1, USD/ton Q3/25 avg. Revenue 567 USD/ton - Feedstock cost Q4/24 avg. Q2/25 avg. = Gross margin 512 USD/ton 3342 USD/ton - Production & logistics costs Q1/25 avg. 254 USD/ton = Sales m
Slide 11: Group Comparable EBITDA reached 531 MEUR in Q3
11 Group Comparable EBITDA reached 531 MEUR in Q3 Group Comp. EBITDA, by segment, Q3/25, • Renewable Products: stronger margins in EUR million Europe and increased diesel price offset higher feedstock costs • Oil Products: solid utilization rate and higher refining margins supported profitability •
Slide 12: Performance improvement program delivering 229 MEUR run-rate improvement so far
12 Performance improvement program delivering, 229 MEUR run-rate improvement so far 80% from operational cost reduction ● Headcount reductions ● Logistics efficiency and terminal network rationalization ● Lower discretionary spend and 229 procurement negotiations ● Feedstock cost reduction ● Refiner
Slide 13: Renewable Products: Reliable operations, record SAF volumes and performance improvements
13 Renewable Products: Reliable operations, record SAF volumes and performance improvements Renewable sales volume, kt and comparable sales Comparable EBITDA Q3/25 vs. Q2/25, EUR million margin, USD/ton RD 779 (836) kt SAF 251 (233) kt Europe/NA 74/26 (73/27)% SAF BTC recognition for Q1-Q3 Utilizati
Slide 14: Oil Products: Strong product cracks and good progress in refining efficiency
14 Oil Products: Strong product cracks and good progress in refining efficiency Total refining margin, USD/bbl and utilization rate, % Comparable EBITDA Q3/25 vs. Q2/25, EUR million Total refining margin 15.5 (10.0) USD/bbl Utilization rate 91 (92)% Gasoline crack 20.9 (19.2) USD/bbl Diesel crack 26
Slide 15: Marketing & Services: Seasonally strong quarter supported by fixed cost savings
15 Marketing & Services: Seasonally strong quarter supported by fixed cost savings Comp. EBITDA, MEUR and Comparable EBITDA Q3/25 vs. Q2/25, EUR million sales volume1, million liters 1 Diesel & gasoline station sales, heating oil sales
Slide 16: Cash flow supported by profitability but affected by working capital increase
16 Cash flow supported by profitability but affected by working capital increase due to maintenance preparations Cash-out investments (incl. M&A), EUR million Cash flow before financing activities, EUR million
Slide 17: We are on track with our financial targets for 2025-2026
17 We are on track with our financial targets for 2025-2026 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 baseli
Slide 18: Topicals and outlook
18 18 Topicals and outlook
Slide 19: Positive developments in regulation, supporting long-term renewables demand
19 Positive developments in regulation, supporting long-term renewables demand Renewable Energy Directive (RED) III is being transposed to national laws in many countries, including the Netherlands, Germany, Italy and France ReFuelEU Aviation mandate at 2%, (appr. 1.2 Mt), additional demand stimulat
Slide 20: Opportunities and uncertainties
20 Opportunities and uncertainties Opportunities ● Confirmation of the German RED III bill with several favorable proposals ● Decrease in animal fat price ● Diversification of crude oil slate ● Further potential in performance improvement program Uncertainties ● Impact of US government shutdown on t
Slide 21: Market outlook for 2025
21 Market outlook for 2025 The uncertainty in global trade and geopolitics and their impact on the global economic outlook are causing market volatility. Markets for both renewable fuels and oil products are sensitive to oil price development. The market in renewable fuels is expected to remain over
Slide 22: Guidance 2025 (unchanged)
22 Guidance 2025 (unchanged) Renewable Products' sales volumes in 2025 are expected to be higher than in 2024. Sales volumes Oil Products' sales volumes in 2025 are expected to be higher than in 2024 Scheduled A 6-week turnaround in Rotterdam in Q4 2025 and a 6-week turnaround starting in maintenanc
Slide 23: Q&A
23 Q&A nESTE
Slide 24: Summary
24 Summary 1. Delivering on performance improvement program 2. Supportive regulatory development 3. Continuing to capitalize on market opportunities 4. Well below leverage target
Slide 25: Thank you
25 Thank you
Slide 26: Appendix
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Slide 27: Key market environment drivers in Q3/2025
27 Key market environment drivers in Q3/2025 Change, % vs. Change, % vs. Avg, Q3/25 Q2/25 Q3/24 Crude oil price (USD/bbl) 69.1 +2 -14 Macro drivers1 Diesel price (USD/ton) 714 +10 -1 Renewable Used cooking oil (USD/ton) 1,132 +5 +18 feedstock costs2 Animal fat (USD/ton) 1,204 +7 +24 California LCFS
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/ton Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 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 • Generally, waste and residue prices stabilized and soybean oil prices decreased during Q3 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1) Source: AF (EU) - Gebrüder Pöhner, UC
Slide 30: Oil Products: Key product margins
30 Oil Products: Key product margins Product margins (price differential vs. Brent), USD/bbl Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Source: Platts
Slide 31: Group financials Q3/2025
31 Group financials Q3/2025 Comparable EBITDA totaled 531 (341) MEUR MEUR Q3/25 Q3/24 Q2/25 2024 Revenue 4,534 5,624 4,511 20,635 EBITDA 447 301 246 1,005 Comparable EBITDA 531 293 341 1,252 Renewable Products 266 106 174 514 Oil Products 232 141 135 633 Marketing & Services 34 32 32 101 Others (inc
Slide 32: Preparing for the maintenance activities increased working capital
32 Preparing for the maintenance activities increased working capital MEUR Q3/25 Q3/24 Q2/25 2024 EBITDA 447 301 246 1,005 Capital gains/losses 0 0 0 1 Other adjustments 72 -178 54 -150 Change in net working capital -283 143 185 454 Finance cost, net -27 -20 -49 -150 Income taxes paid -6 77 0 -5 Net
Slide 33: Renewable Products' comparable EBITDA calculation
33 Renewable Products’ comparable EBITDA calculation Q1/24 Q2/24 Q3/24 Q4/24 2024 Q1/25 Q2/25 Q3/25 Total RP sales volume kton1 849 955 999 926 3,729 892 1,096 1,046 Comparable sales USD/ton 562 382 341 242 377 310 361 480 margin Comparable sales MEUR 439 339 310 209 1,297 263 348 429 margin Fixed c
Slide 34: Oil Products' refinery production costs
34 Oil Products’ refinery production costs Q1/24 Q2/24 Q3/24 Q4/24 2024 Q1/25 Q2/25 Q3/25 Refined million bbls 21.4 10.2 22.2 22.2 76.0 21.6 22.1 23.0 products Exchange rate EUR/USD 1.09 1.08 1.10 1.07 1.08 1.05 1.13 1.17 MEUR 70.3 46.5 61.4 63.8 242.0 79.4 62.6 68.3 Utilities costs USD/bbl 3.6 4.9
Slide 35: Liquidity and maturity profile, 30 September 2025
35 Liquidity and maturity profile, 30 September 2025 Maturity profile, MEUR Short-term Long-term • Group’s liquidity EUR 3,044 million – Liquid funds EUR 769 million – Unused committed credit facilities EUR 2,275 million • Average interest rate for interest-bearing liabilities was 3.6% and maturity