Slide 1: Stronger results towards the end of 2025 - performance improvement work continues
1 Stronger results towards the end of 2025 - performance Place and crop your improvement work continues image here Heikki Malinen, President & CEO Eeva Sipilä, CFO February 5, 2026
Slide 2: Agenda
2 Agenda 1. Key figures 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: Key figures
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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: Improving results in 2025
6 Improving results in 2025 ● Renewable Products’ margins increased during Group comparable EBITDA the second half of the year 1,683 MEUR ● Full-year renewables sales volume increased to (1,252) 4,134 kton (3,729). SAF sales more than doubled to 867 kton (412) ● Oil Products’ high utilization and ma
Slide 7: Q4/2025 performance in brief
7 Q4/2025 performance in brief Renewable Comparable sales Total refining Products sales margin in Renewable margin in Oil volume Products Products 1,101 kt 479 USD/ton 20.7 USD/bbl (1,046) (480) (15.5) Group comparable Free cash Leverage within EBITDA flow target level 601 MEUR 809 MEUR 34.3% (531)
Slide 8: Work continues in key focus areas
8 Work continues in key focus areas Performance Rotterdam refinery Operational improvement expansion achievements program success progressing delivered 376 MEUR significant progress increased SAF EBITDA run rate in our major capacity and record improvement one investment high sales volume year ahead
Slide 9: Financial performance
Financial performance nESTE
Slide 10: RD reference gross margin climbed up in Q4 due to tight market
10 RD reference gross margin climbed up in Q4 due to tight market Renewable diesel reference gross margin1, USD/ton Q4/25 avg. 678 USD/ton Revenue - Feedstock cost = Gross margin - Production & logistics costs = Sales margin Q3/25 avg. 4702 USD/ton Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1)
Slide 11: Group Comparable EBITDA reached 601 MEUR in Q4
11 Group Comparable EBITDA reached 601 MEUR in Q4 Group Comp. EBITDA, by segment, Q4/25, • Renewable Products: higher sales volume and EUR million margin offset higher net production costs caused by maintenance shutdowns • Oil Products: solid utilization rate and spike in gasoil prices supported pro
Slide 12: Group Comparable EBITDA reached 1,683 MEUR in 2025
12 Group Comparable EBITDA reached 1,683 MEUR in 2025 Group Comp. EBITDA, by segment, 2025, Group Comp. EBITDA, by driver, 2025, EUR million EUR million Renewable Oil Products Marketing & Others Group's Group's Sales Sales Net currency Fixed Others Group's Products Services comparable comparable vol
Slide 13: Performance improvement program delivering, 376 MEUR run-rate improvement so far
13 Performance improvement program delivering, 376 MEUR run-rate improvement so far EBITDA improvement vs. 2024 baseline, including depreciation of leases. 75% from operational cost reduction ● Headcount reductions 376 ● Logistics efficiency and terminal network rationalization ● Lower discretionary
Slide 14: Renewable Products Q4: Slightly higher sales volumes despite heavy maintenance
14 Renewable Products Q4: Slightly higher sales volumes despite heavy maintenance Sales volume, kt and comparable sales margin, Comparable EBITDA Q4/25 vs. Q3/25, EUR million USD/ton RD 832 (779) kt SAF 253 (251) kt Diesel price 696 (714) USD/t Europe/NA 73/27 (74/26)% RIN D4 price 103 (113) USC/RIN
Slide 15: Oil Products Q4: Spike in product cracks and high utilization
15 Oil Products Q4: Spike in product cracks and high utilization Total refining margin, USD/bbl and utilization rate, % Comparable EBITDA Q4/25 vs. Q3/25, EUR million Total refining margin 20.7 (15.5) USD/bbl Utilization rate 90 (91)% Gasoline crack 21.5 (20.9) USD/bbl Diesel crack 29.9 (26.6) USD/b
Slide 16: Marketing & Services Q4: Quarter supported by sales volume increase
16 Marketing & Services Q4: Quarter supported by sales volume increase Comparable EBITDA, MEUR and Comparable EBITDA Q4/25 vs. Q3/25, EUR million sales volume1, million liters 1 Diesel & gasoline station sales, heating oil sales
Slide 17: Cash flow increased markedly due to improved results and working capital release
17 Cash flow increased markedly due to improved results and working capital release Cash-out investments (incl. M&A), EUR million Cash flow before financing activities, EUR million
Slide 18: We are on track with our financial targets for 2025-2026
18 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 19: Topicals and outlook
19 19 Topicals and outlook
Slide 20: Positive developments in regulation, supporting long-term renewables demand
20 Positive developments in regulation, supporting long-term renewables demand RD RED III transpositions and proposals driving SAF demand upside potential on top of previous assumptions in e.g. following countries: ● India: 1% in 2027, 5% by 2030 (in finalization) ● Germany 25% GHG by 2030, removal
Slide 21: Focus areas for 2026
21 Focus areas for 2026 Strengthening the Maximising utilization Rotterdam refinery foundation of our assets expansion ● Performance improvement ● Refinery performance ● Execution of the Rotterdam program continues improvement to increase investment project volumes at all sites ● Commercial readines
Slide 22: Market opportunities and uncertainties
22 Market opportunities and uncertainties Opportunities ● Positive regulatory development, incl. parliamentary approval of German RED III bill ● Asia and US increasing voluntary demand ● Increased economic activity ● Chinese SAF anti-dumping duties Uncertainties ● Feedstock prices ● Geopolitical ten
Slide 23: Dividend EUR 0.20
23 Dividend 1.52 1.02 Dividend per share EUR 0.20 Board of Directors’ dividend proposal to 2026 Annual General Meeting Ordinary Extraordinary dividend dividend
Slide 24: Outlook 2026
24 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 25: Q&A
25 Q&A nESTE
Slide 26: Summary
26 Summary 1. Successful financial turnaround in 2025 2. Performance improvement program exceeding target 3. Supportive regulatory development 4. Continuing to work on strengthening the foundation and maximizing asset utilization
Slide 27: Thank you
27 Thank you
Slide 28: Appendix
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Slide 29: Key market environment drivers in Q4/2025
29 Key market environment drivers in Q4/2025 Change, % vs. Change, % vs. Avg, Q4/25 Q3/25 Q4/24 Crude oil price (USD/bbl) 63.7 -8 -15 Macro drivers1 Diesel price (USD/ton) 696 -2 +2 Renewable Used cooking oil (USD/ton) 1,138 +1 +13 feedstock costs2 Animal fat (USD/ton) 1,155 -4 +22 California LCFS (
Slide 30: Renewable Products: Key market drivers in the US market
30 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 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Source: Opis
Slide 31: W&R and vegetable oil price development
31 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 continued to decrease in Q4 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1) Source: AF (EU) - Gebrüder Pöhner, UCO (EU
Slide 32: Oil Products: Key product margins
32 Oil Products: Key product margins Product margins (price differential vs. Brent), USD/bbl Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Source: Platts
Slide 33: Group financials Q4/2025
33 Group financials Q4/2025 Comparable EBITDA totaled 601 (168) MEUR MEUR Q4/25 Q4/24 Q3/25 2025 2024 Revenue 4,953 5,568 4,534 19,016 20,635 Comparable EBITDA 601 168 531 1,683 1,252 Renewable Products 252 13 266 764 514 Oil Products 321 153 232 808 633 Marketing & Services 28 22 34 111 101 Others
Slide 34: Successful commercial operations increased sales
34 Successful commercial operations increased sales MEUR Q4/25 Q4/24 Q3/25 2025 2024 EBITDA 545 143 447 1,438 1,005 Capital gains/losses -3 3 0 -3 1 Other adjustments -47 58 72 139 -150 Change in net working capital 610 709 -283 364 454 Finance cost, net -40 -42 -27 -180 -150 Income taxes paid 3 -2
Slide 35: Renewable Products’ comparable EBITDA calculation
35 Renewable Products’ comparable EBITDA calculation Q4/24 2024 Q1/25 Q2/25 Q3/25 Q4/25 2025 Total RP sales volume kton1 926 3,729 892 1,096 1,046 1,101 4,134 Comparable sales margin USD/ton 242 377 310 361 480 479 411 Comparable sales margin MEUR 209 1,297 263 348 429 453 1,493 Fixed costs MEUR -19
Slide 36: Oil Products’ refinery production costs
36 Oil Products’ refinery production costs Q4/24 2024 Q1/25 Q2/25 Q3/25 Q4/25 2025 Refined million bbls 22.2 76.0 21.6 22.1 23.0 22.3 89.0 products Exchange rate EUR/USD 1.07 1.08 1.05 1.13 1.17 1.16 1.13 MEUR 63.8 242.0 79.4 62.6 68.3 64.9 275.2 Utilities costs USD/bbl 3.1 3.4 3.9 3.2 3.5 3.4 3.5 M
Slide 37: Liquidity and maturity profile, 31 December 2025
37 Liquidity and maturity profile, 31 December 2025 Maturity profile, MEUR Short-term Long-term • Group’s liquidity EUR 3,567 million – Liquid funds EUR 1,367 million – Unused committed credit facilities EUR 2,200 million • Average interest rate for interest-bearing liabilities was 3.8% and maturity