Q3 2024 Neste Oyj Earnings Call Transcript
Key Points
- Neste OYJ (NTOIF) is recognized as a pioneer and global market leader in the renewable fuels industry, with a strong technological and innovation base.
- The company has a robust supply of feedstock and unique pretreatment capabilities, providing a competitive advantage.
- Neste's R&D center is highly regarded, showcasing the company's commitment to innovation and technological advancement.
- The company has seen an increase in sales volumes quarter-on-quarter, particularly in renewable products and sustainable aviation fuel (SAF).
- Neste has made clear progress on cost savings, with total fixed costs in the third quarter markedly below last year and the previous quarter.
- Neste OYJ (NTOIF) reported a significant drop in profitability, with third-quarter EBITDA down 72% year-on-year.
- The company faces challenging market conditions, with weakened margins in both renewable and oil products.
- There has been a substantial decrease in diesel prices, impacting the company's sales margins negatively.
- The company had to withdraw from investing in a 120-megawatt electrolyzer plant in Porvoo due to regulatory and leverage concerns.
- The ramp-up of new facilities, such as the original line in Singapore, has encountered unforeseen technical issues, affecting operational performance.
Hello all. Welcome to Neste's Q3 '24 Results Webcast. My name is Anssi Tammilehto, I'm the Head of IR at Neste. Today, we have our new President and CEO, Heikki Malinen; and our CFO, Martti Ala-Harkonen as our main speakers. As per usual, we will first start with our presentation. And after that, we will have time for your questions.
As always, please pay attention to the disclaimer as we will be making forward-looking statements in this call. With these remarks, I would like to hand over to our President and CEO, Heikki Malinen.
Good morning Good morning, good afternoon, good evening, wherever you are. Welcome also on my behalf to this webcast, and thank you, Anssi, for those introductory remarks. Okay. So this is my first Neste webcast. And some of you may know me from the past, but please allow me to introduce myself briefly with a few words here to get us going.
So -- this is my 16th year as a CEO. I will spend
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