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Place and crop your image here Excellent results driven by strong operational performance and exceptional markets Heikki Malinen, President & CEO Eeva Sipilä, CFO 29 October 2026 1
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Agenda 2 1. 2. 3. Q3 summary President & CEO Heikki Malinen Financial performance CFO Eeva Sipilä Topicals and outlook President & CEO Heikki Malinen Q&A 4.
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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 expenditures, future cash sources and requirements, liquidity and cost savings that involve known and unknown risks, uncertainties and other factors that may cause Neste Corporation’s or its businesses’ actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In some cases, such forward-looking statements can be identified by terminology such as “may”, “will”, “could”, “would”, “should”, “expect”, “plan”, “anticipate”, “intend”, “believe”, “estimate”, “predict”, “potential”, or “continue”, or the negative of those terms or other comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the following forward-looking statements, possibly to a material degree. All forward-looking statements made in this presentation are based on information presently available to management and Neste Corporation assumes no obligation to update any forward-looking statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities or otherwise to engage in any investment activity. Disclaimer 3
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4 Q3 summary
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5 1. Strong operational performance - record RP production and sales volumes - Porvoo turnaround 2026 successfully managed and completed 2. Global oil product markets remained tight - high end product prices 3. Rotterdam budget revised 4. Financial position continued to strengthen - new dividend policy Q3/2026 in brief
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Need to focus on safety 6 1) Including new organizational units in the US, for example Mahoney Environmental from 2023 onwards 2) Process safety performance is reported according to American Petroleum Institute (API) Recommended Practice (RP) 754 - "Process Safety Performance Indicators for the Refining and Petrochemical Industries" Total Recordable Incident Frequency (TRIF)1, per million hours worked Process Safety Event Rate (PSER)2, per million hours worked 12 mth average Q result 12 mth average Q result 2021 2022 2023 2024 2025 Q1 26 Q2 26 Q3 262021 2022 2023 2024 2025 Q1 26 Q2 26 Q3 26
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7 Q3/2026 in figures Comparable sales margin in Renewable Products 1,068 USD/ton (1,223) Group comparable EBITDA 1,555 MEUR (1,203) Total refining margin in Oil Products 48.2 USD/bbl (25.8) Renewable Products sales volume 1,291 kt (1,026) Leverage within target level 22.6% (29.9) Free cash flow 877 MEUR (164) Figures in parentheses refer to the previous quarter.
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8 Financial performance
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9 Renewable diesel reference gross margin1, USD/ton Revenue - Feedstock cost = Gross margin - Production & logistics costs =Sales margin Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q2/26 avg. 1,037 USD/ton 1) RD reference gross margin = 60% Argus HVO Class II less UCO FOB ARA adjusted by standard production yield, 40% Argus R100 UCO California less Argus UCO US Gulf Coast adjusted by standard production yield. Q1/26 avg. 843 USD/ton RD reference gross margin remains at a high level Q3/26 avg. 1,138 USD/ton
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10 Group Comparable EBITDA reached 1,555 MEUR • Renewable Products: Record high sales volumes • Oil Products: Exceptionally wide diesel cracks and successful execution of the turnaround • Marketing & Services: Increasing prices resulted in inventory profit Group Comp. EBITDA, by segment, Q3/26, EUR million Oil ProductsRenewable Products Marketing & Services Others Group's comparable EBITDA, Q3/2026
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Performance improvement program delivering 697 MEUR run-rate improvement so far 11 In-quarter (Q3/2026) impact split: 56% from cost reduction •Logistics optimization •Procurement renegotiations •Consolidating IT vendor base 44% from revenue and margin optimization •Feedstock margin optimization •Yield optimization •Renewables sales performance in the US
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Renewable Products: EBITDA reached record levels, driven by high sales volume and strong market 1) Based on a nameplate capacity of 4.5 Mton/a (own production sites) Comparable EBITDA Q3/26 vs. Q2/26, EUR millionSales volume, kt and comparable sales margin, USD/ton 12 RD 1,108 (854) kt SAF 162 (145) kt Share of RD & SAF Europe/NA 73/27 (73/27)% Diesel price 1,320 (1,153) USD/t RIN D4 price 223 (212) USC/RIN Negative hedging impact Higher feedstock prices Utilization rate 97 (75)%1
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Oil Products: Exceptionally high margins but limited sales volumes due to Porvoo turnaround Total refining margin, USD/bbl and utilization rate, % Comparable EBITDA Q3/26 vs. Q2/26, EUR million 13 Total refining margin 48.2 (25.8) USD/bbl Utilization rate 51 (90)% Gasoline crack 46.0 (26.5) USD/bbl Diesel crack 80.4 (51.1) USD/bbl
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Marketing & Services: EBITDA improvement driven by inventory profit Comparable EBITDA, EUR million and sales volume1, million liters Comparable EBITDA Q3/26 vs. Q2/26, EUR million 14 1 Diesel & gasoline station sales, heating oil sales Inventory profit 26 MEUR
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15 Cash flow supported by strong financial results Cash-out investments (incl. M&A), EUR million Cash flow before financing activities, EUR million
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Successful deleveraging during past 12 months Leverage < 40% Leverage, net debt to capital, % EBITDA EUR 350 million run rate improvement by the end of 2026, of which EUR 250 million from operational costs Financial targets 2025-2026 Note: EBITDA improvement vs. 2024 baseline, including depreciation of leases 16 Target <40%
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17 Topicals and outlook
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Rotterdam expansion budget revised - business case remains solid 18 Start-up of the production NOW By the end of 2027 Total investment budget €2.5B → €3.0B Causes are known and mitigative actions have been taken ● Challenges relate to construction workforce productivity and execution ⎼ not to equipment or process technology ● New suppliers and more workforce on site ● Project continues with full speed Business case remains solid ● Strong demand outlook for renewables ● Energy security remains high on policy agenda FEB 2025
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19 Rotterdam: the world’s largest renewable fuels refinery 1.4 Mt existing line +1.3 Mt expansion → 2.7 Mt Rotterdam total capacity → 6.8 Mt Neste total capacity Rotterdam expansion October 2026
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New dividend policy: 20-40% of earnings per share 20 Capital allocation Free cash flow across the business cycle Resilient balance sheet Strong investment-grade rating to ensure financial flexibility through the cycle Investments in renewables growth Near term: completing Rotterdam expansion and debottlenecking projects with short payback times Shareholder remuneration Payout of earnings per share20–40%
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Outlook 2026 Guidance Renewable Products' sales volumes in 2026 are expected to be approximately at the same level as in 2025. Oil Products' sales volumes in 2026 are expected to be lower than in 2025 due to the planned maintenance turnaround. Additional information The Group's full-year 2026 cash-out capital expenditure excluding M&A is estimated to be approximately EUR 1.2 billion. There are three scheduled maintenance turnarounds in H2 2026 with the following approximate durations: ● Porvoo: 8 weeks starting in August 2026 ● Rotterdam: 8 weeks during Q4 2026 ● Singapore: 11 weeks starting in December 2026 for one of the production lines 21
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22 1. Strong operational performance 2. Global oil product markets remained tight - high end product prices 3. Rotterdam budget revised 4. Financial position continued to strengthen - new dividend policy Summary
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23 Q&A
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24 Thank you
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25 Appendix
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Key market environment drivers in Q3/2026 Used cooking oil (USD/ton) Animal fat (USD/ton) California LCFS (USD/CO2 ton) RIN D4 (US cent/RIN) Renewable feedstock costs2 Renewable US credit prices3 Diesel (USD/bbl) Gasoline (USD/bbl)Oil product margins4 HFO (USD/bbl) Change, % vs. Q3/25 +11 +7 Change, % vs. Q2/26 +8 +4 +51 +98 +18 +5 +202 +120 +57 +74 -225-15 Crude oil price (USD/bbl) Diesel price (USD/ton) Macro drivers1 +40 +85 -7 +14 Avg, Q3/26 46,0 80,4 1,285 1) Platt’s - Brent; ULSD CIF NWE 2) AF (EU) - Gebrüder Pöhner, UCO (EU) - Argus 3) OPIS 4) Platt’s 1,257 223 81 1 320 positive for Neste negative for Neste 26 -15,5 97,0
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California Low Carbon Fuel Standard, LCFS credit price, USD/CO₂ ton RIN prices, US cent/RIN Renewable Products: Key market drivers in the US market Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 27 Source: Opis Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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• US Feedstock prices experienced high volatility during Q3, while other markets faced rather stable and moderate growth. Selected waste and residue and vegetable oil prices1, USD/ton 1) Source: AF (EU) - Gebrüder Pöhner, UCO (EU) - Argus, SBO (US) - Reuters W&R and vegetable oil price development Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Comments 28
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Source: Platts Product margins (price differential vs. Brent), USD/bbl Oil Products: Key product margins Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 29 • Middle distillate margins were on a high level due to Hormuz blockage impacting significantly global product flows and reduced Russian exports. Comments
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Group financials Q3/2026 Comparable EBITDA totaled 1,555 (531) MEUR MEUR Q3/26 Q3/25 Q2/26 2025 Revenue 6,551 4,534 5,987 19,016 Comparable EBITDA 1,555 531 1,203 1,683 Renewable Products 1,011 266 859 764 Oil Products 504 232 334 808 Marketing & Services 46 34 23 111 Others (incl. eliminations) -6 0 -14 0 EBITDA 1,581 447 1,144 1,438 Operating profit 1,344 216 918 503 Cash flow before financing activities 877 -50 164 759 Earnings per share, EUR 1.35 0.14 1.00 0.19 30
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MEUR Q3/26 Q3/25 Q2/26 2025 EBITDA 1,581 447 1,144 1,438 Capital gains/losses -1 0 0 -3 Other adjustments 137 72 25 139 Change in net working capital -301 -283 -842 364 Finance cost, net -23 -27 -45 -180 Income taxes paid -80 -6 -26 -11 Net cash generated from operating activities 1,313 203 255 1,747 Capital expenditure -327 -180 -198 -936 Other investing activities -108 -72 107 -52 Cash flow before financing activities 877 -50 164 759 Net working capital increased markedly 31
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1) Renewable Products sales volume includes RD, SAF and other products Renewable Products’ comparable EBITDA calculation 32 Q1/25 Q2/25 Q3/25 Q4/25 2025 Q1/26 Q2/26 Q3/26 Total RP sales volume kton1 892 1,096 1,046 1,101 4,134 874 1,026 1,291 Comparable sales margin USD/ton 310 361 480 479 411 856 1,223 1,068 Comparable sales margin MEUR 263 348 429 453 1,493 641 1,079 1,199 Fixed costs MEUR -201 -173 -174 -207 -756 -215 -219 -193 Comparable EBITDA MEUR 72 174 266 252 764 433 859 1,011
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Q1/25 Q2/25 Q3/25 Q4/25 2025 Q1/26 Q2/26 Q3/26 Refined products million bbls 21.6 22.1 23.0 22.3 89.0 21.3 21.6 13.4 Exchange rate EUR/USD 1.05 1.13 1.17 1.16 1.13 1.17 1.16 1.15 Utilities costs MEUR 79.4 62.6 68.3 64.9 275.2 67.6 61.8 53.3 USD/bbl 3.9 3.2 3.5 3.4 3.5 3.7 3.3 4.6 Fixed costs MEUR 61.5 61.3 55.8 63.7 242.4 57.4 65.0 72.9 USD/bbl 3.0 3.1 2.8 3.3 3.1 3.2 3.5 6.2 External cost sales MEUR -0.5 -0.3 -0.3 -0.3 -1.5 -0.3 -0.3 -0.3 USD/bbl 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total MEUR 140.5 123.6 123.8 128.3 516.2 124.7 126.5 125.9 USD/bbl 6.8 6.3 6.3 6.7 6.5 6.8 6.8 10.8 Oil Products’ refinery production costs 33
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Liquidity and maturity profile, 30 September 2026 Maturity profile, MEUR • Group’s liquidity EUR 4,095 million – Liquid funds EUR 1,895 million – Unused committed credit facilities EUR 2,200 million • Average interest rate for interest-bearing liabilities was 3.9% and maturity 3.3 years at the end of September • No financial covenants in Group’s loan agreements Short-term Long-term 34