Neste Oyj

Neste Corporation has announced a new Leadership Team to enhance operational efficiency and performance. Heikki Malinen, the President and CEO, will also lead the Renewable Products business area. Markku Korvenranta has been appointed Executive Vice President of Oil Products and COO. Eeva Sipilä will become the CFO by May 2025, with Anssi Tammilehto serving as interim CFO until then. Hannele Jakosuo-Jansson remains as Executive Vice President of People & Culture. Eeva Sipilä joins from Metso Corporation and has been involved with Neste's Board since 2022. Martti Ala-Härkönen, the current CFO, will leave the company. Neste is focused on sustainability, aiming for carbon-neutral production by 2035 and reducing carbon emission intensity by 2040. The company is a leader in renewable fuels and aims to significantly reduce greenhouse gas emissions by 2030. In 2023, Neste's revenue was EUR 22.9 billion.

Neste Corporation's interim report highlights challenging market conditions impacting margins, with initial progress on cost savings. The global economic outlook remains uncertain due to geopolitical and trade tensions, affecting renewable and oil product markets. Despite demonstrating strong industry margins, Neste's third-quarter comparable EBITDA was significantly lower at EUR 293 million compared to EUR 1,047 million in 2023. Renewable Products and Oil Products saw decreased margins, although higher sales volumes provided some relief. Cash flow before financing activities for the first nine months was negative at EUR -817 million. The company is focusing on cash flow and net working capital optimization in the fourth quarter. Renewable fuel demand is expected to grow in 2025, driven by mandated and incentivized demand, although voluntary sustainable aviation fuel (SAF) demand has been slower than expected. Neste plans to reoptimize its global production capacity and supply chains due to regulatory uncertainties in the US. The company aims to enhance operational execution and capital discipline, launching a group-wide analysis to ensure competitiveness. Neste's third-quarter revenue was EUR 5,624 million, impacted by lower oil and renewable sales prices, with a net positive impact from trading activities. The Group's nine-month revenue totaled EUR 15,067 million, affected by lower prices and sales volumes. The market outlook for 2024 remains uncertain, with expectations for increased renewable product sales volumes and lower oil product sales due to a major turnaround. Neste aims to optimize production capacity and increase SAF sales towards the year's end. Total fixed costs for 2024 are expected to be lower than in 2023, with capital expenditure estimated at EUR 1.4–1.6 billion. A conference call for investors and analysts is scheduled for October 24, 2024.

Neste Corporation announced that BlackRock, Inc. has notified them of a change in their holdings. As of October 9, 2024, BlackRock's direct holdings in Neste have fallen below 5% of the total shares and voting rights, specifically to 4.92%. However, including financial instruments, BlackRock's total position amounts to 5.30% of Neste's shares. Neste Corporation, a leader in renewable fuels and circular raw materials, aims for significant reductions in greenhouse gas emissions and carbon intensity. The company is committed to sustainability and has been recognized in global sustainability indices. In 2023, Neste reported a revenue of EUR 22.9 billion.

Neste Corporation announced that it received a notification from BlackRock, Inc. regarding a change in holdings due to a group restructure following BlackRock's acquisition of Global Infrastructure Management LLC on October 1, 2024. BlackRock's total holdings, including financial instruments, now amount to 5.28% of Neste Corporation's shares, with the company having a total of 769,211,058 shares. Neste Corporation, known for producing renewable fuels and circular raw materials, aims to significantly reduce greenhouse gas emissions and achieve carbon-neutral production by 2035. In 2023, Neste reported a revenue of EUR 22.9 billion.

Neste Corporation announced on 25 September 2024 that it received a notification from BlackRock, Inc. indicating that BlackRock's aggregate holdings in Neste have exceeded 5% of the total shares and voting rights as of 24 September 2024. Including financial instruments, BlackRock's holdings amount to 5.38% of Neste's total shares. Neste's share stock consists of 769,211,058 shares, each granting one vote. Neste Corporation is a leading producer of sustainable aviation fuel and renewable diesel, focusing on renewable and circular solutions to combat climate change. The company aims to achieve carbon-neutral production by 2035 and reduce the carbon emission intensity of its products by 50% by 2040. Neste has been recognized for its sustainability efforts and reported a revenue of EUR 22.9 billion in 2023. For more information, contact Neste's media service.