Neste Place and crop your

Q3 2022 image here and send to back

Matti Lehmus | President and CEO | 27 October 2022

 2

Contents

1. Q3 2022 review
2. Group financials Place and crop your
3. Segment reviews
image here
4. Current topics
5. Appendix
 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 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.
 4

Strong performance continued in

exceptional markets

• Group comparable EBITDA 979 MEUR

• Renewable Products performed well despite negative
Place and crop your margin hedging impact and logistical delays
image here • Oil Products’ results driven by exceptionally strong
refining market
• Marketing & Services performed very well
• Strategy execution progressing
 5

Solid financial position

ROACE, rolling 12 months, % Leverage, %

30 Target 15% 27.6% 40 Target below 40%

25
30
20

15 20
16.3%
10
10
5

0 0
Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22
 6

Q3 2022
Place and crop your
Group financials image here and send to back
 7

Group financials Q3/22

MEUR Q3/22 Q3/21 1-9/22 1-9/21 2021
Revenue 6,583 4,026 19,145 10,181 15,148
EBITDA 456 735 2,299 1,919 2,607
Comparable EBITDA 979 524 2,643 1,329 1,920
Renewable Products 389 357 1,347 1,042 1,460
Oil Products 537 125 1,204 185 353
Marketing & Services 38 32 105 80 103
Others (incl. eliminations) 15 10 -13 22 5
Operating profit 289 579 1,821 1,499 2,023
Cash flow before financing activities -18 171 -986 -213 511
Comparable earnings per share, EUR 0.79 0.42 2.21 1.04 1.54
 8

Results supported by exceptional oil refining market

Group comparable EBITDA by segments Q3/22 vs. Q3/21, MEUR

+412 +6 +5 979

524 +33

Q3/21 Renewable Products Oil Products Marketing & Services Others (incl. Q3/22
eliminations)
 9

Higher sales margin and stronger USD

Group comparable EBITDA Q3/22 vs. Q3/21, MEUR

+111 -62
-11 979
+452

524 -35

Q3/21 Volumes Sales margin Fx changes Fixed costs Other items Q3/22
 10

Nine-month result driven by strong sales margin and USD

Group comparable EBITDA 1-9/22 vs. 1-9/21, MEUR

+250 -128
-58 2,643
+1,153

1,329 +96

1-9/21 Volumes Sales margin Fx changes Fixed costs Other items 1-9/22
 11

Q3 2022
Place and crop your
Segment reviews image here and send to back
 12

Solid performance continued in Renewable Products

Comparable EBITDA, MEUR
• Comparable EBITDA 389 MEUR (357)
600
500 • Comparable sales margin USD 756/ton (679)
400
• Sales volume 698 kton (772), share of Europe 66% (71%)
300
200 • High share of waste and residues feedstock 96% (91%)
100 • Investments 827 MEUR (156)
0
Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 • Comparable RONA* 28.7% (30.4%)

MEUR Q3/22 Q3/21 2021

Revenue 2,403 1,503 5,895

Comparable EBITDA 389 357 1,460

* Last 12 months
Net assets 5,984 4,537 4,748
 13

High sales margin and strong USD supported Renewable

Products’ result
Comparable EBITDA Q3/22 vs. Q3/21, MEUR

+89 -45
0 389
357 -50 +39

Q3/21 Volumes Sales margin Fx changes Fixed costs Other items Q3/22
 14

Feedstock market softened

Vegetable oil and animal fat prices*, USD/ton

2 400
2 200
2 000
1 800
1 600
1 400
1 200
1 000
800
600
400
Jan-18 Jan-19 Jan-20 Jan-21 Jan-22
Soybean Rapeseed Palm oil Animal fat

*Quotations in NWE, source: Oil World, The Jacobsen

 15

Weakened California LCFS price and solid RINs

California Low Carbon Fuel Standard, LCFS credit price, USD/ton RIN prices, US cent /gal

240
200
210
160
180
150 120
120
80
90
60 40
30
0
0 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22
Jan-18 Jan-19 Jan-20 Jan-21 Jan-22
Biomass-based diesel (D4) Conventional renewable fuel (D6)
 16

Good sales margin despite negative hedging impact and

logistical delays
Comparable sales margin, USD/ton
• Comparable sales margin USD 756/ton (679)

1000 • California LCFS credit USD 86/ton (176)

800 • D4 RIN USD 1.71/gal (1.60)
600
• Sales of 100% Neste MY diesel 30% (25%)
400
• Utilization rate 80% (83%)
200

0
Q3/21 Q4/21 Q1/22 Q2/22 Q3/22
 17

Oil Products’ excellent performance continued

Comparable EBITDA, MEUR

600 • Comparable EBITDA 537 MEUR (125)

500
• Sales volume 2.9 Mton (2.7)
400
• Total refining margin USD 28.0/bbl (9.4)
300
200 • Urals’ share of feed 9% (59%)

100 • Investments 41 MEUR (180)

0
Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 • Comparable RONA* 38.3% (0.8%)

MEUR Q3/22 Q3/21 2021

Revenue 3,877 2,148 7,810

Comparable EBITDA 537 125 353 * Last 12 months

Net assets 3,311 2,515 2,045

 18

Result improvement driven by exceptional refining margin

Comparable EBITDA Q3/22 vs. Q3/21, MEUR

+413 +22 -8 -30

537

125 +15

Q3/21 Volumes Total refining margin Fx changes Fixed costs Other items Q3/22
 19

High and volatile product margins

Product margins (price differential vs. Brent), USD/bbl

80

60

40

20

-20

-40
Jan-18 Jan-19 Jan-20 Jan-21 Jan-22

Diesel Gasoline Heavy Fuel Oil

 20

Total refining margin continued at exceptional level

Total refining margin, USD/bbl

• Total refining margin USD 28.0/bbl (9.4)
35
• Refinery average utilization rate 80% (91%)
30
25 • Refinery production costs USD 7.2/bbl (4.7)

20
15
10
5
0
Q3/21 Q4/21 Q1/22 Q2/22 Q3/22
 21

Marketing & Services performed very well

Comparable EBITDA, MEUR

40 • Comparable EBITDA 38 MEUR (32)

30 • Good sales volumes at high unit margins

20 • Investments 6 MEUR (3)

10 • Comparable RONA* 41.5% (36.9%)

0
Q3/21 Q4/21 Q1/22 Q2/22 Q3/22

MEUR Q3/22 Q3/21 2021

Revenue 1,604 999 3,803

Comparable EBITDA 38 32 103

Net assets 268 211 212 * Last 12 months

 22

Place and crop your

Current topics image here and send to back
 23

Strategy execution progressing well

• Singapore expansion project proceeding according to schedule for targeted

start-up at the end of Q1 2023 – Capex forecast increased from EUR 1.5
billion to EUR 1.65 billion

• Martinez Renewables transaction closed – joint operation expected to start-

up in early 2023, with pretreatment capabilities expected for H2/2023 and
full production capacity of 2.1 Mtons/a by the end of 2023

• Strategic study launched on transitioning Porvoo refinery to a renewable

and circular site and ending crude oil refining in the mid-2030s

Segment outlook for Q4/2022
Renewable Products
• Sales volumes expected to be higher
than in Q3
• Waste and residue markets anticipated
to remain tight and volatile
• Sales margin expected to be within range
USD 700–800/ton
• Utilization rates forecast to remain high,
except for scheduled seven-week
turnaround at the Rotterdam refinery,
with estimated negative impact of
approx. 100 MEUR on comp. EBITDA
Oil Products
• Market is volatile and impacted by the
war in Ukraine
• Based on the current forward market,
our total refining margin expected to
remain solid, but lower than in Q3
• Sales volumes forecasted to be at
about same level as in Q3
24
Marketing & Services
• Sales volumes and unit margins
expected to follow previous years'
seasonality pattern
• High price levels expected to have
some negative impact on demand
particularly in consumer segment
Place and crop your
image here and send to back
 25

Other 2022 topics

Group CAPEX

• Cash-out capital expenditure in 2022

estimated to be approx. 1.9 BEUR,
including approx. 0.8 BEUR for
Martinez Renewables. Possible further
M&A excluded.

Place and crop your

image here and send to back
 26

Place and crop your

Appendix image here and send to back
 27

Renewable Products comparable EBITDA calculation

Q3/21 Q4/21 2021 Q1/22 Q2/22 Q3/22

Sales volume, kton 772 774 3,021 747 808 698

Comparable sales margin, USD/ton 679 779 715 806 865 756

Comparable sales margin, MEUR 445 527 1,829 536 657 523

Fixed costs, MEUR -90 -111 -375 -116 -119 -135

Comparable EBITDA, MEUR 357 418 1,460 419 538 389

 28

Oil Products’ refinery production costs

Q3/21 Q4/21 2021 Q1/22 Q2/22 Q3/22

Refined products Million barrels 22.2 23.1 74.0 22.3 22.3 22.2

Exchange rate EUR/USD 1.18 1.14 1.18 1.12 1.07 1.01

MEUR 56.2 78.4 234.2 108.3 97.7 109.4
Utilities costs
USD/bbl 3.0 3.9 3.7 5.5 4.7 5.0
MEUR 33.6 48.0 192.1 41.0 45.7 41.7
Fixed costs
USD/bbl 1.8 2.4 3.1 2.1 2.2 1.9
MEUR -0.4 -0.3 -1.2 -0.5 -0.3 -0.3
External cost sales
USD/bbl 0.0 0.0 0.0 0.0 0.0 0.0
MEUR 89.4 126.1 425.1 148.8 143.2 150.8
Total
USD/bbl 4.7 6.2 6.8 7.5 6.8 6.8
 29

Cash flow
MEUR Q3/22 Q3/21 Q2/22 1-9/22 1-9/21 2021

EBITDA 456 735 927 2,299 1,919 2,607

Capital gains/losses -1 2 6 0 0 0
Other adjustments 82 -177 375 249 -127 -118
Change in net working capital 347 -158 -997 -1,958 -884 -362
Net finance costs -8 -1 -12 -34 -25 -39
Income taxes paid -33 -22 -46 -100 -90 -95

Net cash generated from operating activities 842 379 254 457 793 1,994

Capital expenditure -884 -347 -233 -1,312 -1,004 -1,298

Other investing activities -22 139 -29 -132 -2 -186
Cash flow before financing activities -18 171 -8 -986 -213 511
 30

Liquidity and maturity profile

MEUR
• Group’s liquidity EUR 2,377 million at the end of
600
September
• Liquid funds EUR 1,027 million
400
• Unused committed credit facilities EUR 1,350
million

200 • Average interest rate for interest-bearing liabilities

was 1.4% and maturity 2.7 years at the end of
September
0
2022 2023 2024 2025 2026 2027 2028 2029 2030
• No financial covenants in Group companies’ existing
loan agreements

Short-term Long-term