Slide 1: Strong financial performance in volatile markets – focus on operational reliability
1 Strong financial performance in volatile markets – focus on operational reliability Place and crop your continues image here Heikki Malinen, President & CEO Eeva Sipilä, CFO 29 April 2026
Slide 2: Agenda
2 Agenda 1. Q1 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: Q1 summary
4 Q1 summary
Slide 5: Q1/2026 in brief
5 Q1/2026 in brief 1. Significant market volatility due to Middle East conflict 2. Strong financial performance 3. Low utilization in Renewable Products 4. Successful execution of performance improvement program 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 1) Including new organizational units in the US, for example Mahoney Environmental from 2023 onward
Slide 7: Q1/2026 in figures
7 Q1/2026 in figures Renewable Comparable sales Total refining Products sales margin in Renewable margin in Oil volume Products Products 874 kt 856 USD/ton 23.0 USD/bbl (1,101) (479) (20.7) Group comparable Free cash Leverage within EBITDA flow target level 861 MEUR 286 MEUR 31.7% (601) (809) (34.3)
Slide 8: Historical volatility in oil markets, but renewable feedstocks prices remain rather stable
8 Historical volatility in oil markets, but renewable feedstocks prices remain rather stable Crude oil price Diesel and JET fuel prices1) Renewable feedstock price2) Jan 26 Feb 26 Mar 26 Apr 26 Jan 26 Feb 26 Mar 26 Apr 26 Jan 26 Feb 26 Mar 26 Apr 26 • Fossil market volatility: The Middle East • This
Slide 9: Neste is well positioned amid the current market volatility
9 Neste is well positioned amid the current market volatility • Stable crude supply: We source majority of our crude oil from North Porvoo Rotterdam Sea, thus our supply has been largely unaffected by disruptions in the Gulf area • Global production footprint: We Martinez, CA have our major producti
Slide 10: Financial performance
4 ——er N Financial performance. NESTE
Slide 11: RD reference gross margin climbed up in Q1 due to elevated market prices
11 RD reference gross margin climbed up in Q1 due to elevated market prices Renewable diesel reference gross margin1, USD/ton Q1/26 avg. 843 USD/ton Revenue - Feedstock cost = Gross margin - Production & logistics costs = Sales margin Q4/25 avg. 678 USD/ton Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Slide 12: Group Comparable EBITDA reached 861 MEUR
12 Group Comparable EBITDA reached 861 MEUR Group Comp. EBITDA, by segment, Q1/26, • Renewable Products: Strong term sales EUR million premiums and surge in middle distillate prices drove profitability despite lower sales volume • Oil Products: Exceptionally wide diesel crack and high share of winte
Slide 13: Performance improvement program delivering 476 MEUR run-rate improvement so far
13 Performance improvement program delivering 476 MEUR run-rate improvement so far 64% from cost reduction • Terminal network optimization • Logistics efficiency • Procurement improvements 36% from revenue and margin optimization • Scaling up trading capability • Refinery yield optimization in Porvo
Slide 14: Renewable Products: Strong margin outweighed lower sales volume
14 Renewable Products: Strong margin outweighed lower sales volume Sales volume, kt and comparable sales margin, Comparable EBITDA Q1/26 vs. Q4/25, EUR million USD/ton RD 784 (832) kt SAF 69 (253) kt Europe/NA 77/23 (73/27)% Diesel price 887 (696) USD/t RIN D4 price 144 (103) USC/RIN Higher sales pr
Slide 15: Oil Products: Exceptionally high middle distillate margins with pre-conflict priced crude
15 Oil Products: Exceptionally high middle distillate margins with pre-conflict priced crude Total refining margin, USD/bbl and utilization rate, % Comparable EBITDA Q1/26 vs. Q4/25, EUR million Total refining margin 23.0 (20.7) USD/bbl Utilization rate 86 (90) % Gasoline crack 13.3 (21.5) USD/bbl D
Slide 16: Marketing & Services: Quarter significantly supported by cold winter and inventory profit
16 Marketing & Services: Quarter significantly supported by cold winter and inventory profit Comparable EBITDA, EUR million and Comparable EBITDA Q1/26 vs. Q4/25, EUR million sales volume1, million liters 1 Diesel & gasoline station sales, heating oil sales
Slide 17: Cash flow supported by strong financial results
17 Cash flow supported by strong financial results Cash-out investments (incl. M&A), EUR million Cash flow before financing activities, EUR million
Slide 18: We are on track for deleveraging the balance sheet
18 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 19: Topicals and outlook
19 Topicals and outlook
Slide 20: Focus on refinery performance and navigating the market turbulence
20 Focus on refinery performance and navigating the market turbulence Improving our refinery Continue to navigate Strengthening the performance the market turbulence foundation ● Safety and reliability of ● Ensuring availability of ● Continued focus on our refineries feedstocks and key increasing ef
Slide 21: Rotterdam investment project
21 VIDEO: Rotterdam investment project Target to start Investment up production 2027 2.5 BEUR World’s largest renewable fuels refinery with 2.7 Mt/a capacity
Slide 22: Short term opportunities and uncertainties
22 Short term opportunities and uncertainties Opportunities ● Increased focus on energy security and thus renewables ● Positive regulatory development, incl. final approval of German Renewable Energy Directive III bill ● Positive implications of US Renewable Volume Obligation decision ● Continued st
Slide 23: Outlook 2026
23 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 24: Q&A
24 Q&A
Slide 25: Summary
25 Summary 1. Neste well positioned to navigate the extreme volatility in the crude oil and oil products prices 2. Main focus remains on enhancing operational reliability and our strategic investment project in Rotterdam 3. Performance improvement program continues 4. Recently very supportive regula
Slide 26: Thank you
26 Thank you
Slide 27: Appendix
27 Appendix
Slide 28: Key market environment drivers in Q1/2026
28 Key market environment drivers in Q1/2026 Change, % vs. Change, % vs. Avg, Q1/26 Q4/25 Q1/25 Crude oil price (USD/bbl) 80.6 +27 +7 Macro drivers1 Diesel price (USD/ton) 887 +27 +25 Renewable Used cooking oil (USD/ton) 1104 -3 +1 feedstock costs2 Animal fat (USD/ton) 1127 -2 +4 California LCFS (US
Slide 29: Renewable Products: Key market drivers in the US market
29 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 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Source: Opis
Slide 30: W&R and vegetable oil price development
30 W&R and vegetable oil price development Selected waste and residue and vegetable oil prices1, Comments USD/ton • The feedstock markets tightened significantly in the US, but remained quite stable in other markets in Q1 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 1) Source: AF (EU) - Gebrüder
Slide 31: Oil Products: Key product margins
31 Oil Products: Key product margins Product margins (price differential vs. Brent), USD/bbl Comments • Middle distillate margins were healthy in January and February, and rose markedly in March as the shutdown of the Strait of Hormuz impacted significantly imports from Middle East and Asia to Europ
Slide 32: Group financials Q1/2026
32 Group financials Q1/2026 Comparable EBITDA totaled 861 (210) MEUR MEUR Q1/26 Q1/25 Q4/25 2025 Revenue 5,163 5,017 4,953 19,016 Comparable EBITDA 861 210 601 1,683 Renewable Products 433 72 252 764 Oil Products 373 120 321 808 Marketing & Services 48 17 28 111 Others (incl. eliminations) 7 0 0 0 E
Slide 33: Robust cash generation
33 Robust cash generation MEUR Q1/26 Q1/25 Q4/25 2025 EBITDA 903 200 545 1,438 Capital gains/losses 0 0 -3 -3 Other adjustments 62 60 -47 139 Change in net working capital -94 -147 610 364 Finance cost, net -90 -64 -40 -180 Income taxes paid -43 -8 3 -11 Net cash generated from operating activities
Slide 34: Renewable Products’ comparable EBITDA calculation
34 Renewable Products’ comparable EBITDA calculation Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 2025 Total RP sales volume kton1 874 892 1,096 1,046 1,101 4,134 Comparable sales margin USD/ton 856 310 361 480 479 411 Comparable sales margin MEUR 641 263 348 429 453 1,493 Fixed costs MEUR -215 -201 -173 -174 -207
Slide 35: Oil Products’ refinery production costs
35 Oil Products’ refinery production costs Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 2025 Refined products million bbls 21.3 21.6 22.1 23.0 22.3 89.0 Exchange rate EUR/USD 1.17 1.05 1.13 1.17 1.16 1.13 MEUR 67.6 79.4 62.6 68.3 64.9 275.2 Utilities costs USD/bbl 3.7 3.9 3.2 3.5 3.4 3.5 MEUR 57.4 61.5 61.3 55.8 6
Slide 36: Liquidity and maturity profile, 31 March 2026
36 Liquidity and maturity profile, 31 March 2026 Maturity profile, MEUR Short-term Long-term • Group’s liquidity EUR 3,842 million – Liquid funds EUR 1,642 million – Unused committed credit facilities EUR 2,200 million • Average interest rate for interest-bearing liabilities was 3.9% and maturity 3.