Neste Corp. on July 24 released second quarter results, reporting record quarterly renewable product sales volumes despite weaker margins. Sustainable aviation fuel (SAF) sales were up nearly 80% when compared to the first quarter of 2025.
Comparable EBITDA for the renewables segment was EUR 174 million, up from EUR 152 million during the second quarter of last year. Heikki Malinen, president and CEO of Neste, attributed the increase to higher sales volumes, partially offset by weaker margins.
The comparable sales margin for renewables was $361 per ton, down from $382 per ton, while sales volumes set a new quarterly record at 1.096 million metric tons, up from 955,000 metric tons during the second quarter of last year, Malinen said.
Approximately 73% of renewables volumes were sold to the European market, with 27% sold to North America. During the second quarter of 2024, 49% of renewables volumes were sold to Europe and 51% were sold to North America.
SAF sales were up nearly 80%, supported by increased production capacity at Neste’s refinery in Rotterdam, the Netherlands. Due to renewable diesel reference prices climbing in Europe towards the end of the second quarter, Neste said more capacity was directed to serve this market.
Neste produced approximately 844,000 metric tons of renewable diesel during the second quarter, down from 858,000 metric tons during the same period of last year. SAF production expanded to 290,000 metric tons, up from 164,000 metric tons, with the production of other renewable products at 25,000 metric tons, up from 24,000 metric tons.
Renewable diesel sales volumes were at 836,000 metric tons during the second quarter, down from 858,000 metric tons. SAF sales reached 233,000 metric tons, up from 65,000 metric tons, while sales of other renewable products fell to 27,000 metric tons, down from 32,000 metric tons.
The proportion of waste and residue inputs for the quarter was at 96%, up from 88% during the same period of last year. Neste’s own renewables production facilities had an average utilization rate of 81%, unchanged when compared to the second quarter of 2024. Production at the Martinez facility in California increased quarter-over-quarter, as planned, supported by improved U.S. market conditions.
For the full year 2025, Neste currently expects renewable sales volumes to be up when compared to 2024.
A full copy of Neste’s second quarter report is available on the company’s website.
