Neste Oyj

Neste Corporation's Shareholders' Nomination Board, formed by a decision at the company's Annual General Meeting (AGM), has proposed changes to the Board of Directors for the 2025 AGM. The proposal suggests maintaining the Board at eight members, re-electing six current members, and introducing two new members, Anna Hyvönen and Essimari Kairisto. Matti Kähkönen, the current Chair, will step down, with Pasi Laine proposed as the new Chair and John Abbott as Vice Chair. Johanna Söderström will not seek re-election, and Eeva Sipilä will resign as she takes on the role of CFO. The Nomination Board emphasized the need for strategic updates due to changes in the global market environment. Board remuneration is set to align with market levels by 2026, with a portion paid in shares. The Nomination Board consists of representatives from the three largest shareholders and made its proposals unanimously. The proposals will be included in the notice for the 2025 AGM. Neste aims to lead in sustainable aviation fuel and renewable diesel production, with goals for carbon neutrality and significant emission reductions. In 2023, Neste reported a revenue of EUR 22.9 billion.

Neste Corporation announced that it received a notification from BlackRock, Inc. indicating a decrease in its holdings in Neste to below 5% of the total shares and voting rights, excluding certain financial instruments. Including these instruments, BlackRock's holdings amount to 5.19% of Neste's total shares. Neste has 769,211,058 shares, each with one vote. Neste is a leader in renewable fuels and aims to significantly reduce greenhouse gas emissions and achieve carbon-neutral production by 2035. In 2023, Neste's revenue was EUR 22.9 billion.

Neste Corporation announced that BlackRock, Inc.'s holdings in Neste have exceeded 5% of the company's total shares and voting rights as of November 25, 2024. BlackRock's total holdings, including financial instruments, amount to 5.15% of Neste's shares. Neste Corporation has 769,211,058 shares, each with one vote. Neste is a leader in renewable fuels and circular raw materials, aiming to reduce greenhouse gas emissions significantly by 2030 and achieve carbon-neutral production by 2035. The company is recognized for its sustainability efforts and reported a revenue of EUR 22.9 billion in 2023.

Neste Corporation announced that its Rotterdam refinery was shut down due to a fire on November 8, 2024. The fire was extinguished without any injuries, and an investigation is underway. The refinery's production is expected to be halted for several weeks, affecting renewable diesel deliveries. Consequently, Neste has revised its 2024 sales volume guidance for Renewable Products to approximately 3.7 million tons, down from the previous estimate of 3.9 million tons. The sales margin guidance remains unchanged. The incident does not impact the refinery's expansion project. Neste continues to focus on sustainability, aiming for carbon-neutral production by 2035 and a significant reduction in greenhouse gas emissions. In 2023, Neste reported a revenue of EUR 22.9 billion.

Neste Corporation announced that BlackRock and related entities have reduced their holdings in Neste to below 5% of the total shares and voting rights, as of November 1, 2024. Neste has 769,211,058 shares, each with one vote. The notification was received under the Finnish Securities Market Act. Neste is a leader in renewable fuels and circular economy solutions, aiming to significantly reduce greenhouse gas emissions and achieve carbon-neutral production by 2035. In 2023, Neste reported a revenue of EUR 22.9 billion. For more details, contact Neste's media service.

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.