Finnish refiner Neste on Wednesday reported a significant jump in its third-quarter core profit, citing a performance improvement program and a recovering market environment.
The company's comparable earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to 531 million euros from 293 million euros in the same period last year, when it faced challenging market conditions.
The Renewable Products division saw its comparable EBITDA more than double to 266 million euros, driven by higher sales margins and a record volume of sustainable aviation fuel sales, the company said.
The Oil Products unit also delivered a strong result, with comparable EBITDA increasing to 232 million euros from 141 million euros a year earlier.
"We delivered improved results in the third quarter, underpinned by the successful continuation of our performance improvement program and reliable, safe operations," President and CEO Heikki Malinen said in a statement.
The company's revenue for the quarter fell to 4.5 billion euros from 5.6 billion euros, which it attributed mainly to currency exchange rates and lower trading volumes.
Neste maintained its guidance for higher sales volumes in 2025 compared to 2024, but noted that the market for renewable fuels is expected to remain oversupplied.